TurboTax Expands Crypto Tax Reporting Features With CoinTracker

This story is part of Taxes 2022, CNET’s coverage of the best tax software and everything else you need to get your return filed quickly, accurately and on-time.

Tax software provider TurboTax has partnered with CoinTracker, a cryptocurrency tax and portfolio software provider, to expand features for TurboTax users who need to report crypto transactions on income taxes. 

The partnership, announced Wednesday, will allow TurboTax users to automatically import their crypto transactions from select cryptocurrency exchanges — including Gemini, FTX, Coinbase Pro and Binance.US — into their TurboTax profile. 

Serving as a crypto tax aggregator, CoinTracker will permit taxpayers to import up to 4,000 transactions directly into TurboTax at once. TurboTax users with transactions across multiple exchanges or wallets, or those who purchased NFTs or interacted with decentralized finance, will be automatically redirected to CoinTracker. From there, users can pull together a complete portfolio of crypto assets that will sync with TurboTax’s tax filing software. 

In November, Pew Research found that 16% of Americans say they have bought or traded cryptocurrency. As more Americans invest in crypto assets, reporting cryptocurrency on income taxes has become a greater concern.