6/24/2023 0 Comments Turbotax desktopYou will see a summary screen showing your gains so far.This information is summarized for you on page 1 of your Accointing tax report. On the following screen select “I’ll enter a summary for each sales category” and proceed to enter your proceeds and cost basis for your short-term trades, then select “Short term (Box C)” from the dropdown.Select “No” unless you did receive a 1099-B from any exchanges. The following screen will prompt you to answer whether you received a 1099-B for these sales.The following screen will ask you whether you had investment income in 2022, such as crypto sales, answer “Yes”.In the income section, navigate to the “Investments and Savings” section and select “Stocks, Mutual Funds, Bonds, Other”.This will save you a lot of time, but you will need to send an attachment with detailed information. The easiest way to report your cryptocurrency gains and losses is to summarize your gains into short and long term. One of the biggest advantages of TurboTax Desktop over TurboTax Online is that you can actively flip back and forth between their EasyStep guided input and your actual tax forms, so you can see how your Form 1040 is progressing as you prepare your return.Īs you get started, navigate to the Forms view, and make sure to check yes if you can answer yes to the question: “At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services) or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” Reporting your Gains Gains Summarized Regardless of your choice, the input screens will be the same. During this setup, you’ll be given the option to choose whether you want TurboTax to guide you or let you work on your tax return at your own pace. When contacted by The Associated Press on Friday, Inuit pointed to the company's May 2022 statement following the settlement agreement.If this is the first time you are using TurboTax Desktop, you will need to spend some time entering your personal information. “The website lists Free, Free, Free and the customers are assuming their return will be free,” an internal company PowerPoint presentation said, per ProPublica. According to documents obtained by ProPublica, Intuit executives were aware of the impact of advertising free services that were actually not free for everyone. agreed to suspend TurboTax’s “free, free, free” ad campaign. Under the terms of last year's settlement, Intuit Inc. “Today we are righting that wrong and putting money back into the pockets of hardworking taxpayers who should have never paid to file their taxes.”Īt the time of the May 2022 settlement, James said her investigation into Intuit was sparked by a 2019 ProPublica report that found the company was using deceptive tactics to steer low-income tax filers away from the free, federal services they qualified for - and toward its own commercial products instead. “TurboTax’s predatory and deceptive marketing cheated millions of low-income Americans who were trying to fulfill their legal duties to file their taxes,” James said in a Thursday statement. ![]() ![]() The amount paid to each eligible consumer ranges from $29 to $85 - depending on the number of tax years they qualify for. ![]() They will be notified by an email from Rust Consulting, the settlement fund administrator, and receive a check automatically.Ĭhecks will be mailed starting next week, and continue through the month of May. Those impacted were low-income consumers eligible for free, federally-supported tax services - but paid TurboTax to file their federal returns across the 2016, 20 tax years due to “predatory and deceptive marketing,” New York Attorney General Letitia James said.Īll 50 states and the District of Columbia signed the May 2022 settlement, which was led by James.Ĭonsumers eligible for restitution payments do not need to file a claim, the New York Attorney's General Office said Thursday. was ordered to pay $141 million to some 4.4 million people across the country. In a settlement last year, TurboTax's owner Intuit Inc. WASHINGTON - Millions of Americans who qualified for free tax services - but were instead deceived into paying TurboTax for their returns - will soon get settlement checks in the mail.
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