Confused about importing the Turbotax txf file

[asahi]

I’m currently filling out my taxes using a Mac desktop version of Turbotax (Premier). I finally got all my crypto sorted out on Koinly, and when I generate a “Turbotax CD/DVD” report, I get a txf file, which I can import into Turbotax (via File > Import > From TXF Files).

I have not imported yet, because I’m confused due to the instructions at the Koinly blog (How To Do Your Crypto Tax With Koinly & TurboTax 2022) on how to work with Turbotax. Can I disregard all the manual steps and just import the txf file? And it will automatically enter my capital gains, income, and expenses?

Thanks in advance.

[Mustex]

I use TurboTax on PC, but was able to just import the TXF file to get (almost) all the information loaded into tubotax. Later, while going through the capital gains section, turbotax wated me to select every individual transaction and enter more information - that wasn’t going to happen! I skipped to the next step and it correctly (for me at least) set them all to short-term capital gains not reported to the IRS (3).

The nice thing about the imported documents in TurboTax is if it doesn’t work the first time, you can completely delete the imported form and try again.

[asahi]

@Mustex

ax on PC, but was able to just import the TXF file to get (almost) all the information loaded into tubotax. Later, while going through the capital gains section, turbotax wated me to select every individual transaction and enter more information - that wasn’t going to happen! I skipped to the next step and it correctly (for me at least) set them all to short-term capital gains not reported to the IRS (3).

The nice thing about the imported documents in TurboTax is if it doesn’t work the first time, you can completely delete the imported form and try again.

Thank you! The part about deleting and re-importing is good to know. I feel better about importing this file now.