Kemberley WashingtonCertified Public Accountant
Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. She frequently appears on NBC's WDSU news broadcast.
Kemberley Washington
Kemberley WashingtonCertified Public Accountant
Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. She frequently appears on NBC's WDSU news broadcast.
Certified Public Accountant
Doug WhitemanEditorial Director, Financial Services
Doug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's passionate about making financial information clear and useful for consumers — taking personal finance from "Huh?" to "Ah!" He has been quoted by numerous media outlets including The Wall Street Journal, CBS News and USA Today.
Reviewed
Doug Whiteman
Doug WhitemanEditorial Director, Financial Services
Doug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's passionate about making financial information clear and useful for consumers — taking personal finance from "Huh?" to "Ah!" He has been quoted by numerous media outlets including The Wall Street Journal, CBS News and USA Today.
Editorial Director, Financial Services
Reviewed
Updated: May 29, 2024, 6:03am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Note: The deadline to file your 2023 tax return was Monday, April 15, 2024.
If you sell or earn cryptocurrency during the year, chances are you’ll need to report the income on your tax return. And while taxes can be overwhelming with or without crypto, good crypto tax software can help ease your burden.
At Forbes Advisor, we’ve examined and tested nine of the top crypto tax software platforms: TurboTax Premium, Koinly, TaxBit, CoinTracker, CoinTracking, ZenLedger, CoinLedger, TokenTax and BearTax (now known as Fyn). We assessed their prices, free filing options, ease of use, currencies supported and customer service quality. Here are our top picks for 2024.
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Show Summary
- Best Crypto Tax Software Of June 2024
- TurboTax Premium
- Koinly
- CoinTracker
- CoinTracking
- Summary: Best Crypto Tax Software
- Methodology
- Frequently Asked Questions (FAQs)
- Next Up In Taxes
Best Crypto Tax Software Of June 2024
TurboTax Premium
5.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Price
$129 (includes tax filing)
Good for
Ease of use, advanced features and expert tax assistance
On Intuit's Website
$129 (includes tax filing)
Ease of use, advanced features and expert tax assistance
Editor's Take
TurboTax Premium, from one of the most popular tax prep companies, is our No. 1 pick for crypto tax software. It not only works well for someone seeking to report their crypto transactions, but it also can be a solid choice if you have complex taxesoverall.
TurboTax Premium offers an easy-to-use navigation system, helpful tool tips and FAQs, as well as top-notch customer support. Similar to other TurboTax options, the software allows you to reach out to a tax expert if you need assistance. But be prepared to hand over additional cash for that service.
Note that of all the crypto tax products we analyzed, TurboTax Premium is the only one that allows you to file your full tax return via the platform.
Pros & Cons
- Allows you to import your crypto sales directly into the software
- Is the only crypto tax product that offers filing of your full tax return
- Crypto-related functions available only to those who file their taxes via TurboTax.
Koinly
4.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Price
Good for
Ease of use and customer support options
$49
Ease of use and customer support options
Editor's Take
If you want easy-to-use crypto tax software, Koinly may be a great option. It has a simple user interface which allows you to handily navigate its program. Also, it provides quality tools to help you file your crypto tax reports.
With Koinly, you can easily connect different crypto accounts to get a snapshot of your activity throughout the year. The feature allows you to track your portfolio while managing your tax liability.
Another great advantage of Koinly is that it offers both live chat and email customer support, which is more than its competitors provide.
But a drawback to consider is that Koinly provides only one layer of security: SSL, or secure sockets layer, technology. Crypto tax rivals, including CoinTracker and TurboTax, offer at least one additional security feature, such as two-factor authentication or biometric login, like touch ID.
Pros & Cons
- Has easy-to-use navigation features and a simple interface
- Allows you to track all your cryptocurrency accounts at any time
- Provides a free trial to get started on your tax reports, though you will need to pay to download your crypto tax forms
- Security features are more limited than those offered by competitors.
CoinTracker
3.9
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Price
$59, billed annually
Good for
Customer support options and expert tax assistance
$59, billed annually
Customer support options and expert tax assistance
Editor's Take
CoinTracker is a great pick if you’re seeking an online crypto tax software with quality customer support options.
The company offers support via email, and it says live chat is “coming soon.” CoinTracker also can find you a crypto expert to help you complete your full tax return and assist with legal tax advice. While your consultation appointment is usually free, there is typically a charge to hire a CoinTracker pro.
The platform is a great pick if you want to track all of your crypto wallets in one place. CoinTracker automatically updates your portfolio and lets you view your investment performance and allocations in real time, allowing you to navigate your transactions in one place easily.
A drawback of CoinTracker is it doesn’t provide tax reports if you qualify for the free version, which is available for those with 10,000 or fewer transactions.
Pros & Cons
- Offers customer support via email, with response times of one to two days. Live chat “coming soon.”
- “Vetted crypto experts” are available to help with full tax returns and even provide legal tax advice.
- The cost of connecting with a CoinTracker tax pro starts at $500.
- CoinTracker’s free version doesn’t offer tax reports.
CoinTracking
3.6
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Base Price
$156 per year
Good for
Expert tax assistance
$156 per year
Expert tax assistance
Editor's Take
CoinTracking is a good choice if you need guidance while preparing your crypto tax reports. This crypto tax software allows you to share data directly with your accountant and offers detailed tutorials to help you complete your reports.
One benefit of CoinTracking is that it allows you to research crypto tax laws in more than 75 countries. Plus, you can search its database to find crypto tax experts internationally for free.
But while CoinTracking is a great choice for those who need a solid crypto tax software and professional guidance, you may have to pay more. CoinTracking charges a base fee of about $156 per year, much more than other crypto tax softwares we analyzed.
Pros & Cons
- Allows you to research international crypto tax laws and tax experts
- Provides easy sharing of reports with your accountant
- Costs more than similar crypto tax software
Summary: Best Crypto Tax Software
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating - Image | Base Price | Good for | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|
| TurboTax Premium |  | 5.0 |  | $129 (includes tax filing) | Ease of use, advanced features and expert tax assistance | Learn More | On Intuit's Website | |
| Koinly |  | 4.0 |  | $49 | Ease of use and customer support options | View More | ||
| CoinTracker |  | 3.9 | | $59 | Customer support options and expert tax assistance | View More | ||
| CoinTracking |  | 3.6 |  | $156 | Expert tax assistance | View More |
Methodology
We looked at the crypto tax software offered by nine popular software providers: BearTax (now known as Fyn), CoinLedger, CoinTracker, CoinTracking, Koinly, TaxBit, TokenTax, TurboTax Premium and ZenLedger. At the time we published our article, TaxBit offered crypto tax preparation services for consumers, but that service is no longer offered. So we narrowed our list to four finalists whose software provides the best options and functionality.
Members of our research team then analyzed the finalists and scored each option in the following categories: free filing options, software capabilities, customer service options, price and ease of use. Each category’s score was weighted equally. The scores were combined and used for our final ranking.
While online tax software can provide an easy way to file your crypto taxes, you may want to consider hiring a CPA if you need additional assistance.
Frequently Asked Questions (FAQs)
What is cryptocurrency?
Cryptocurrency is a decentralized form of money. Unlike the U.S. dollar, no central authority manages the currency. Instead, a public ledger is used to record transactions using what is known as blockchain technology.
While many people think of cryptocurrency as an investment, it also can be used to purchase goods and services. Additionally, some employers compensate their employees with cryptocurrency.
Do I need to pay taxes on cryptocurrency?
It depends.
If you transfer cryptocurrency from a wallet to another account that belongs to you, you’re not required to pay taxes. However, you may need to pay taxes if you sell cryptocurrency at a gain.
Also, similar to wages, if your employer pays you in cryptocurrency, you must pay income taxes on the virtual currency you earn. Your employer will provide you with a Form W-2, “Wage and Tax Statement.”
How do I report cryptocurrency on my tax return?
If you sell cryptocurrency, you must report it on your Form 1040 tax return, using both Form 8949, “Sales and Other Dispositions of Capital Assets” and Schedule D, “Capital Gains and Losses.”
When you earn cryptocurrency, you will need to report it as ordinary income on your tax return.
Whether you receive crypto as wages or self-employment income determines how you should report it. Employees would report cryptocurrency as wages on line 1 of Form 1040, while self-employed persons typically would report it on Schedule C, “Profit or Loss from Business.”
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