What is the difference between using TurboTax Premier and Deluxe for reporting cryptocurrency gains?

3 answers

• Dec 28, 2021 · 3 years ago
  TurboTax Premier and Deluxe are both popular options for reporting cryptocurrency gains, but they have some key differences. TurboTax Premier is designed for investors and traders who have more complex tax situations. It offers additional features like guidance on reporting investment income, rental property income, and stock sales. This version is recommended if you actively trade cryptocurrencies or have multiple sources of income from investments. On the other hand, TurboTax Deluxe is more suitable for individuals with simpler tax situations. It provides guidance on reporting income from wages, salaries, and tips, as well as deductions and credits. If you only have a few cryptocurrency transactions and your tax situation is relatively straightforward, TurboTax Deluxe should be sufficient. Remember to review the features and compare them with your specific needs before making a decision.
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• Dec 28, 2021 · 3 years ago
  When it comes to reporting cryptocurrency gains, TurboTax Premier and Deluxe offer different levels of support. TurboTax Premier is more comprehensive and provides guidance for reporting various types of investment income, including cryptocurrency gains. It also offers additional tools for tracking and calculating gains and losses. On the other hand, TurboTax Deluxe focuses more on general tax filing and may not have as many specific features for cryptocurrency reporting. If you have a significant amount of cryptocurrency transactions or need more advanced reporting capabilities, TurboTax Premier would be the better choice. However, if your cryptocurrency gains are minimal and you have a relatively simple tax situation, TurboTax Deluxe should be sufficient. Consider your specific needs and consult with a tax professional if you're unsure which version to choose.
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• Dec 28, 2021 · 3 years ago
  At BYDFi, we recommend using TurboTax Premier for reporting cryptocurrency gains. It offers comprehensive support for investors and traders, including guidance on reporting cryptocurrency transactions and calculating gains and losses. TurboTax Premier also provides additional features for reporting investment income from sources like stocks and rental properties. If you're actively trading cryptocurrencies or have a complex tax situation, TurboTax Premier is the ideal choice. However, if your cryptocurrency gains are minimal and you have a simple tax situation, TurboTax Deluxe can still handle the reporting requirements. Remember to review the features and compare them with your specific needs before making a decision.
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