Skip To Main Content

Your Crypto Tax Guide

Written by Riley Adams, CPA • Reviewed by Miguel Burgos, CPAUpdated for Tax Year 2024 • December 10, 2024 01:05 PM
OVERVIEW

Is there a cryptocurrency tax? If you've invested in cryptocurrency, understand how the IRS taxes these investments and what constitutes a taxable event.

TABLE OF CONTENTS

Subscribe: Apple Podcasts | Spotify | iHeartRadio

Key Takeaways

  • The IRS treats cryptocurrency as property, meaning that when you buy, sell or exchange it, this counts as a taxable event and typically results in either a capital gain or loss.
  • When you earn income from cryptocurrency activities, this is taxed as ordinary income.
  • You report these taxable events on your tax return using various tax forms.
  • Keep records of your transactions so that you can inform the IRS of all your crypto activity during the year.

TurboTax Has You Covered

Have questions about TurboTax and Crypto? Our Cryptocurrency Info Center has commonly answered questions to help make taxes easier and more insightful.

Whether you have stock, bonds, ETFs, cryptocurrency, rental property income, or other investments, TurboTax Premium has you covered. Filers can easily import up to 10,000 stock transactions from hundreds of Financial Institutions and up to 20,000 crypto transactions from the top crypto wallets and exchanges. Increase your tax knowledge and understanding while doing your taxes.

Cryptocurrency's rise and appeal as an alternative payment method

Interest in cryptocurrency has grown tremendously in the last several years. Whether you accept or pay with cryptocurrency, invested in it, are an experienced currency trader or you received a small amount as a gift, it's important to understand cryptocurrency tax implications.

The term cryptocurrency refers to a type of digital asset that can be used to buy goods and services, although many people invest in cryptocurrency similarly to investing in shares of stock. Part of its appeal is that it's a decentralized medium of exchange, meaning it operates without the involvement of banks, financial institutions, or other central authorities such as governments.

Cryptocurrency has built-in security features. Transactions are encrypted with specialized computer code and recorded on a blockchain — a public, distributed digital ledger in which every new entry must be reviewed and approved by all network members.

You may have heard of Bitcoin or Ethereum as two of the more popular cryptocurrencies, but there are thousands of different forms of cryptocurrency worldwide.

Do you pay taxes on crypto?

People might refer to cryptocurrency as a virtual currency, but it's not a true currency in the eyes of the IRS. According to IRS Notice 2014–21, the IRS considers cryptocurrency to be property, and capital gains and losses need to be reported on Schedule D and Form 8949 if necessary.

Despite the decentralized, virtual nature of cryptocurrency, and because the IRS treats it like property, your gains and losses in crypto transactions will typically affect your taxes.

How is crypto taxed?

If you buy, sell or exchange crypto in a non-retirement account, you'll face capital gains or losses. Like other investments taxed by the IRS, your gain or loss may be short-term or long-term, depending on how long you held the cryptocurrency before selling or exchanging it.

  • If you owned the cryptocurrency for one year or less before spending or selling it, any profits are typically short-term capital gains, which are taxed at your ordinary income rate.
  • If you held the cryptocurrency for more than one year, any profits are typically long-term capital gains, subject to long-term capital gains tax rates.

For short-term capital gains or ordinary income earned through crypto activities, you should use the following table to calculate your capital gains taxes:

2024 Short-Term Capital Gains Tax Rates

Tax Rate10%12%22%24%32%35%37%
 Filing Status

Taxable Income

SingleUp to $11,600$11,601 to $47,150$47,151 to $100,525$100,526 to $191,950$191,951 to $243,725$243,726 to $609,350Over $609,350
Head of HouseholdUp to $16,550$16,551 to $63,100$63,101 to $100,500$100,501 to $191,950$191,950 to $243,700$243,701 to $609,350Over $609,350
Married Filing JointlyUp to $23,200$23,201 to $94,300$94,301 to $201,050$201,051 to $383,900$383,901 to $487,450$487,451 to $731,200Over $731,200
Married Filing SeparatelyUp to $11,600$11,601 to $47,150$47,151 to $100,525$100,526 to $191,150$191,151 to $243,725$243,726 to $365,600Over $365,600

If you held your cryptocurrency for more than one year, use the following table to calculate your long-term capital gains.

2024 Long-Term Capital Gains Tax Rates

Tax Rate

0%15%20%
Filing StatusTaxable Income
SingleUp to $47,025$47,026 to $518,900Over $518,900
Head of HouseholdUp to $63,000

$63,001 to $551,350

Over $551,350
Married Filing JointlyUp to $94,050$94,051 to $583,750Over $583,750
Married Filing SeparatelyUp to $47,025$47,026 to $291,850Over $291,850

How you report cryptocurrency on your tax return depends on how you got it and how you used it.

You can also earn income related to cryptocurrency activities. This is treated as ordinary income and is taxed at your marginal tax rate, which could be between 10 to 37%.

How to calculate capital gains and losses on crypto

When you buy and sell capital assets, your gains and losses fall into two classes: long-term and short-term. How the IRS treats these two classes is very different in terms of the tax consequences you’ll encounter.

  1. Short-term capital gains and losses come from the sale of property that you held for one year or less. These gains are typically taxed as ordinary income at a rate between 10% and 37% in 2024.
  2. Long-term capital gains and losses come from the sale of property that you held for more than one year and are typically taxed at preferential long-term capital gains rates of 0%, 15%, or 20% for 2024.

When calculating your gain or loss, you start first by determining your cost basis on the property. Generally, this is the price you paid, which you adjust (increase) by any fees or commissions you paid to engage in the transaction. This final cost is called your adjusted cost basis.

Next, you determine the sale amount and adjust (reduce) it by any fees or commissions you paid to close the transaction.

Finally, you subtract your adjusted cost basis from the adjusted sale amount to determine the difference, resulting in a capital gain if the amount exceeds your adjusted cost basis, or a capital loss if the amount is less than your adjusted cost basis.

You can use a Crypto Tax Calculator to get an idea of how much tax you might owe from your capital gains or losses from crypto activities.

See how to auto-import your crypto to TurboTax

Buying or selling cryptocurrency as an investment

Buying cryptocurrency isn’t a taxable event by itself. You can choose to buy and hold cryptocurrency for as long as you’d like without paying taxes on it, even if the value of your position increases.

Taxes are due when you sell, trade or dispose of your cryptocurrency investments in any way that causes you to recognize a gain in your taxable accounts. This doesn’t apply if you trade cryptocurrency in a tax-deferred or tax-free account like an individual retirement account (IRA).

For example, if you buy $1,000 worth of Bitcoin and later sell it for $1,200, you'd need to report this $200 gain on your taxes. The gain, whether it’s a short-term or long-term capital gain, will depend on how long you’ve held the cryptocurrency.

If you instead sold the same $1,000 worth of Bitcoin for $800, you’d recognize a loss that can offset other gains and up to $3,000 of your taxable income if your total losses are greater than your total gains. Any unused loss can roll forward to future years as an offset to future gains or up to $3,000 of your taxable income per year.

If you mine cryptocurrency

Cryptocurrency mining refers to solving cryptographic hash functions to validate and add cryptocurrency transactions to a blockchain. In exchange for this work, miners receive cryptocurrency as a reward.

If you earn cryptocurrency by mining it, it's considered taxable income and might be reported on Form 1099-NEC at the fair market value of the cryptocurrency on the day you received it. You need to report this even if you don't receive a 1099 form as the IRS considers this taxable income and is likely subject to self-employment tax in addition to income tax.

If you receive cryptocurrency as payment for goods or services

Many businesses now accept Bitcoin and other cryptocurrency as payment. If someone pays you cryptocurrency in exchange for goods or services, the payment counts as taxable income, just as if they'd paid you via cash, check, credit card, or digital wallet. For tax reporting, the dollar value that you receive for goods or services is equal to the fair market value of the cryptocurrency on the day and time you received it.

If you sell or spend cryptocurrency

If you mine, buy, or receive cryptocurrency and eventually sell or spend it, you have a capital transaction resulting in a gain or loss just as you would if you sold shares of stock. This is where cryptocurrency taxes can get more involved. Each time you dispose of cryptocurrency you are making a capital transaction that needs to be reported on your tax return.

For example, let's look at an example for buying cryptocurrency that appreciates in value and then is used to purchase plane tickets. The example will involve paying ordinary income taxes and capital gains tax.

  • First, you receive $200 worth of the cryptocurrency Litecoin in exchange for services on January 15.
  • Six months later, on July 15, the fair market value of your Litecoin has increased to $500, and you use it to buy plane tickets for a vacation.
  • On your tax return for that year, you should report $200 of ordinary income (either as wages if reported on a W-2 or as self-employment income if you are not an employee getting paid in crypto) for receiving the Litecoin in January and a short-term capital gain of $300. That's the $500 value of your Litecoin when you purchased the plane tickets, minus your $200 basis when you received the Litecoin.

When you calculate your basis in the Litecoin for capital gains tax, you need to account for the $200 worth of ordinary income included in your taxes. That same Litecoin position, now worth $500, gets used to purchase the plane tickets, meaning you wouldn’t pay capital gains tax on the original $200.

If you paid capital gains tax on the full $500, the initial $200 would be taxed twice: once as ordinary income and once as a capital gain.

Therefore, you subtract your original $200 basis from the $500 balance.

Those two cryptocurrency transactions are easy enough to track. But imagine you purchase $1,000 worth of Litecoin, load it onto a cryptocurrency debit card, and spend it over several months on coffee, groceries, lunches, and more.

If, like most taxpayers, you think of cryptocurrency as a cash alternative and you aren't keeping track of capital gains and losses for each of these transactions, it can be tough to unravel at year-end. Staying on top of these transactions is important for tax reporting purposes.

If you exchange one type of cryptocurrency for another

Cryptocurrency enthusiasts often exchange or trade one type of cryptocurrency for another. For example, say you have $1,000 worth of Litecoin and exchange it for $1,000 worth of Ethereum. If you originally paid $300 for the Litecoin, you have to recognize a $700 capital gain when you make the exchange. You established a $300 basis at the time of purchase for your original Litecoin position but recognized a $700 capital gain as a result of the coin’s appreciation between your purchase and the exchange for Ethereum. Your Ethereum’s basis is its fair market value at the time of exchange, making your new cost basis $1,000 after paying the $700 capital gain on the exchange.

It's important to note that all of these transactions are referenced back to United States dollars since this is the currency that is used for your tax return. So, even if you buy one cryptocurrency using another one without first converting to US dollars, you still have a taxable transaction.

If you participate in an airdrop or fork

An airdrop is when a new crypto project launches and sends out several free tokens to early adopters and their communities to encourage adoption as part of a broader marketing effort to promote the project’s inception. If you frequently interact with crypto platforms and exchanges, you may receive airdrops of new tokens in your account. These new coins count as a taxable event, causing you to pay taxes on these virtual coins.

A hard fork is a wholesale change in a blockchain network’s protocol that invalidates previously-verified transaction history blocks or vice versa. Many times, a cryptocurrency will engage in a hard fork as the result of wanting to create a new rule for the blockchain. The new, upgraded blockchain contains the new rule while the old chain doesn’t. Many users of the old blockchain quickly realize their old version of the blockchain is outdated or irrelevant now that the new blockchain exists following the hard fork, forcing them to upgrade to the latest version of the blockchain protocol. For a hard fork to work properly, all nodes or blockchain users must upgrade to the latest version of the protocol software.

A hard fork doesn’t always result in new cryptocurrency issued to the taxpayer and doesn’t necessarily generate a taxable event as a result. However, in the event a hard fork occurs and is followed by an airdrop where you receive new virtual currency, this generates ordinary income.

This counts as taxable income on your tax return and you must report it to the IRS, whether you receive a 1099 form reporting the transaction or not.

If you stake cryptocurrencies

Staking cryptocurrencies is a means for earning rewards for holding cryptocurrencies and providing a built-in investor and user base to give the coin value. Earning cryptocurrency through staking is similar to earning interest on a savings account. In exchange for staking your virtual currencies, you can be paid money that counts as taxable income.

You treat staking income the same as you do mining income: counted as fair market value at the time you earn the income and subject to income and possibly self-employment taxes.

If you make charitable contributions and gifts in crypto

If you itemize your deductions, you may donate cryptocurrency to qualified charitable organizations and claim a tax deduction. You typically can deduct the fair market value of your cryptocurrency at the time of charitable contribution, and you don’t have to pay capital gains taxes when you donate.

Cryptocurrency charitable contributions are treated as noncash charitable contributions. A charitable organization may assist in documenting your crypto-charitable contribution by providing a written acknowledgement if claiming a deduction of $250 or more for the virtual currency deduction.

Do you pay taxes on lost or stolen crypto?

Typically, you can't deduct losses for lost or stolen crypto on your return. The IRS states two types of losses exist for capital assets: casualty losses and theft losses. Generally speaking, casualty losses in the crypto world would mean having damage, destruction, or loss of your crypto from an identifiable event that is sudden, unexpected or unusual. As an example, this could include negligently sending your crypto to the wrong wallet or some similar event, though other factors may need to be considered to determine if the loss constitutes a casualty loss. Theft losses would occur when your wallet or an exchange are hacked.

In either case, you can’t deduct these losses to offset your gains. Due to tax reform laws going into effect in 2018, most all casualty and theft losses aren’t deductible between 2018 and 2025. In the future, taxpayers may be able to benefit from this deduction if they itemize their deductions instead of claiming the Standard Deduction.

Are there tax-free crypto transactions?

You can make tax-free crypto transactions under certain situations, depending on the transaction you make, the account you transact in, your income, and filing status.

When you buy cryptocurrency, this doesn’t create a taxable event even if the value increases over time. Tax consequences don't result until you decide to sell or exchange the cryptocurrency.

For crypto transactions you make in a tax-deferred or tax-free account, like a Traditional or Roth IRA, respectively, these transactions don’t get taxed like they would in a brokerage account. These trades avoid taxation.

Depending on your income each year, long-term capital gains rates can be as low as 0%. For 2024, you can also avoid paying taxes when selling your cryptocurrency if your table income is less than or equal to $47,025 if you file as Single, as Married Filing Separately, or your taxable income is less than or equal to $94,050 if you file as Married Filing Jointly.

Keep records of your crypto transactions

The IRS is stepping up enforcement of cryptocurrency tax reporting as these virtual currencies grow in popularity. As a result, you need to keep track of your crypto activity and report this information to the IRS on the appropriate crypto tax forms.

The IRS estimates that only a fraction of people buying, selling, and trading cryptocurrencies were properly reporting those transactions on their tax returns. The agency provided further guidance on how cryptocurrency should be reported and taxed in October 2019 for the first time since 2014.

Beginning in tax year 2020, the IRS also made a change to Form 1040 and began including the question: "At any time during 2024, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?"

If you check "yes," the IRS will likely expect to see income from cryptocurrency transactions on your tax return.

Crypto tax software helps you track all of these transactions, ensuring you have a complete list of activities to report when it comes time to prepare your taxes. The software integrates with several virtual currency brokers, digital wallets, and other crypto platforms to import cryptocurrency transactions into your online tax software. This can include trades made in cryptocurrency but also transactions made with the virtual currency as a form of payment for goods and services.

Depending on the crypto tax software, the transaction reporting may resemble documentation you could file with your return on Form 8949, Sales and Other Dispositions of Capital Assets, or can be formatted in a way so that it is easily imported into tax preparation software. Often, you’ll pay for tiers of service for the number of transactions reported.

Can the IRS track crypto activity?

Despite the anonymous nature of cryptocurrencies, the IRS may still have ways of tracking your crypto activity.

For example, if you trade on a crypto exchange that provides reporting through Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, they'll provide a reporting of these trades to the IRS.

Further, the IRS makes use of blockchain analytics tools for identifying crypto activity of digital wallets and ties them to individuals in instances where they suspect tax evasion and/or money laundering may be occurring.

As a result, you’ll want to make sure you report all crypto activities during the year on your tax return.

How are crypto transactions reported?

When you place crypto transactions through a brokerage or from using these digital currencies as a means for payment, this constitutes a sale or exchange. As a result, you’ll need to document your crypto sales details, including how much you bought it for and when. These transactions are typically reported on Form 8949, Schedule D, and Form 1040.

1099-B, Proceeds from Broker and Barter Exchange Transactions

If you traded crypto in an investment account or on a crypto exchange or used it to make payments for goods and services, you may receive Form 1099-B reporting these transactions. In other investment accounts like those held with a stockbroker, this information is usually provided on this 1099 Form. However, not every platform provides these forms. In this case, they can typically still provide the information even if it isn't on a 1099-B.

However, starting in tax year 2023, the American Infrastructure Bill of 2021 requires crypto exchanges to send 1099-B forms reporting all transaction activity. And, scheduled to begin for tax year 2025, the IRS will require Form 1099-DA to be sent to taxpayers for certain sale and exchange transactions of digital assets.

1099-MISC or 1099-NEC

If you mined crypto or received crypto as an award, then you might receive either Form 1099-MISC, Miscellaneous Income, or 1099-NEC, Nonemployee Compensation. These forms are used to report how much ordinary income you were paid for different types of work-type activities. The information forms can be used to help you prepare Schedule C, Profit or Loss from Business and Schedule SE, Self-Employment Tax.

When any of these 1099 forms are issued to you, they're also sent to the IRS so that they can match the information on the forms to what you report on your tax return.

TurboTax Tip:

Cryptocurrency exchanges won't be required to start sending 1099-DA forms until tax year 2025. If you don’t receive a Form 1099-B or 1099-DA from your crypto exchange, you are still required to report all crypto sales or exchanges on your taxes.

Does Coinbase report to the IRS?

Coinbase was the subject of a John Doe Summons in 2016 that required it to provide transaction information to the IRS for its customers. As a result, the company handed over information for over 8 million transactions conducted by its customers.

Today, the company only issues Forms 1099-MISC if it pays out rewards or bonuses to you for taking specific actions on the platform. Further, you may need to exceed the $600 minimum payment threshold for the company to issue both you and the IRS a Form 1099-MISC documenting their payments to you.

However, starting in tax year 2023, the American Infrastructure Bill of 2021 requires crypto exchanges to send 1099-B forms reporting all transaction activity. And, scheduled to begin for tax year 2025, the IRS will require Form 1099-DA to be sent to taxpayers for certain sale and exchange transactions of digital assets.

Even though Coinbase doesn’t supply this information through direct reporting to the IRS, you still must report this activity on your tax return as it is taxable income. You can access account information through the platform to calculate any applicable capital gains or losses and the resulting taxes you must pay on your tax return.

TurboTax has you covered

TurboTax Online is now the authority in crypto taxes with the most comprehensive import coverage, including the top 15 exchanges. Whether you are investing in crypto through Coinbase, Robinhood, or other exchanges TurboTax Online can seamlessly help you import and understand crypto taxes just like other investments.

Let a local tax expert matched to your unique situation get your taxes done 100% right with TurboTax Live Full Service. Your expert will uncover industry-specific deductions for more tax breaks and file your taxes for you. Backed by our Full Service Guarantee.

You can also file taxes on your own with TurboTax Premium. We’ll search over 500 deductions and credits so you don’t miss a thing.

Investment and Self-employment taxes done right

A local specialized expert matched to your unique situation will get your taxes done 100% right, guaranteed with TurboTax Live Full Service. Your expert will find every tax deduction you deserve & file for you as soon as today.*

Taxes done right for investors and self-employed

TurboTax Premium uncovers industry-specific deductions for more tax breaks. Get your taxes done with 100% accuracy, guaranteed.

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

TaxCaster Tax
Calculator

Estimate your tax refund and where you stand

I’m a TurboTax customer

I’m a new user

Tax Bracket
Calculator

Easily calculate your tax rate to make smart financial decisions

Get started

W-4 Withholding
Calculator

Know how much to withhold from your paycheck to get a bigger refund

Get started

Self-Employed
Tax Calculator

Estimate your self-employment tax and eliminate any surprises

Get started

Crypto Calculator

Estimate capital gains, losses, and taxes for cryptocurrency sales

Get started

Self-Employed Tax Deductions Calculator

Find deductions as a 1099 contractor, freelancer, creator, or if you have a side gig

Get started

ItsDeductible™

See how much your charitable donations are worth

Get started

Your security. Built into everything we do.

Here's how

File faster and easier with the free TurboTax app

TurboTax Online: Important Details about Filing Simple Form 1040 Returns

If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed price. Roughly 37% of taxpayers are eligible.

Examples of situations included in a simple Form 1040 return (assuming no added tax complexity):

  • W-2 income
  • Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B
  • IRS standard deduction
  • Earned Income Tax Credit (EITC)
  • Child Tax Credit (CTC)
  • Student loan interest deduction
  • Taxable qualified retirement plan distributions

Examples of situations not included in a simple Form 1040 return:

  • Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions
  • Unemployment income reported on a 1099-G
  • Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers)
  • Stock sales (including crypto investments)
  • Income from rental property or property sales
  • Credits, deductions and income reported on other forms or schedules 

TURBOTAX ONLINE GUARANTEES

  • 100% Accurate Calculations Guarantee: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. You are responsible for paying any additional tax liability you may owe. Excludes payment plans. This guarantee is good for the lifetime of your individual or business tax return, which Intuit defines as seven years from the date you filed it with TurboTax. Additional terms and limitations apply. See Terms of Service for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state purchase price paid. (TurboTax Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax, or until December 15, 2025 for your 2024 business tax return. Additional terms and limitations apply. See Terms of Service for details.

  • TurboTax Live Full Service Guarantee: If you use TurboTax Live Full Service to file your individual or business tax return, your tax expert will find every dollar you deserve. Your expert will only sign and file your return if they believe it's 100% correct and you are getting your best outcome possible. If you get a larger refund or smaller tax due from another tax preparer by filing an amended return, we'll refund the applicable TurboTax Live Full Service federal and/or state purchase price paid. If you pay an IRS or state penalty (or interest) because of an error that a TurboTax expert made while acting as a signed preparer for your return, we'll pay you the penalty and interest. Additional terms and limitations apply. See Terms of Service for details.

  • 100% Accurate Expert-Approved Guarantee: If you pay an IRS or state penalty (or interest) because of an error that a TurboTax expert made while providing topic-specific tax advice, a section review, or acting as a signed preparer for your individual or business tax return, we'll pay you the penalty and interest. You are responsible for paying any additional tax liability you may owe. Limitations apply. See Terms of Service for details.

  • Business Tax Guarantee: If you use TurboTax to file your business tax return, you will be covered by a combination of our 100% accurate calculations, maximum savings and audit support guarantees. If you pay an IRS or state penalty (or interest) because of a TurboTax calculation error or an error that a TurboTax expert made while acting as a signed preparer for your return, we'll pay you the penalty and interest. You are responsible for paying any additional tax liability you may owe. If you get a larger refund or smaller tax due from another tax preparer by filing an amended return, we'll refund the applicable TurboTax Live Business federal and/or state purchase price paid. If you receive an audit letter from the IRS or State Department of Revenue, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center. For representation before the IRS, our fee-based Audit Defense add-on service is available for purchase (sold separately). Additional terms and limitations apply. See Terms of Service for details.

  • Audit Support Guarantee: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual or business tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual or business returns filed with TurboTax for the current 2024 tax year, and solely for individual, non-business returns for the past two tax years (2023, 2022). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. For IRS representation, our fee-based Audit Defense service is available for purchase (sold separately). If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state purchase price paid. (TurboTax Free Edition customers are entitled to payment of $30.) This guarantee is good for the lifetime of your individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax, or for three years from the date you filed your business tax return. Additional terms and limitations apply. See Terms of Service for details.

  • Satisfaction Guaranteed: You may use TurboTax Online without charge up to the point you decide to print or electronically file your individual or business tax return. Printing or electronically filing your return reflects your satisfaction with TurboTax Online, at which time you will be required to pay or register for the product. Additional terms and limitations apply. See Terms of Service for details.

  • 5 Days Early Refund Fee Guarantee: If you choose to receive your federal tax refund through the TurboTax 5 Days Early service and your refund is deposited into your selected bank account less than 5 days before the IRS refund settlement date (the date it would have arrived if sent from the IRS directly), then you will not be charged the 5 Days Early fee. Excludes TurboTax Business products and services. Limitations apply. See Terms of Service for more details.

TURBOTAX ONLINE/MOBILE OFFERS & PRICING

The following TurboTax Online offers may be available for tax year 2024. Intuit reserves the right to modify or terminate any offer at any time for any reason in its sole discretion. Unless otherwise stated, each offer is not available in combination with any other TurboTax offers. Certain discount offers may not be valid for mobile in-app purchases and may be available only for a limited period of time.

  • Start for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. For most paid TurboTax online and mobile offerings, you may start using the tax preparation features without paying upfront, and pay only when you are ready to e-file, print, file by mail, or purchase add-on products or services. Actual prices for paid versions are determined based on the version you use and the date and/or time you print or e-file, and are subject to change without notice. Unless otherwise specified, strikethrough prices reflect anticipated final, undiscounted prices for tax year 2024.

  • TurboTax Free Edition: TurboTax Free Edition ($0 Federal + $0 State + $0 To File) is available for those filing simple Form 1040 returns only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit and student loan interest). More details are available here. Roughly 37% of taxpayers qualify. Offer may change or end at any time without notice.

  • TurboTax Free Mobile App Offer: File for free when you start and finish your own taxes in the TurboTax mobile app by February 18, 2024, 11:59pm ET. You are not eligible for this offer if you used TurboTax to file your 2023 taxes. Offer applies only to individual taxes filed with TurboTax do-it-yourself products and excludes TurboTax Live products.

  • TurboTax Full Service - Forms-Based Pricing: “Starting at” pricing represents the base price for one federal return (includes one W-2 and one Form 1040). Final price may vary based on your actual tax situation and forms used or included with your return. Price estimates are provided prior to a tax expert starting work on your taxes. Estimates are based on initial information you provide about your tax situation, including forms you upload to assist your expert in preparing your tax return and forms or schedules we think you'll need to file based on what you tell us about your tax situation. Final price is determined at the time of print or electronic filing and may vary based on your actual tax situation, forms used to prepare your return, and forms or schedules included in your individual return. Prices are subject to change without notice and may impact your final price. If you decide to leave Full Service and work with an independent Intuit TurboTax Verified Pro, your Pro will provide information about their individual pricing and a separate estimate after you discuss your tax situation with them.

TURBOTAX ONLINE/MOBILE

  • Anytime, anywhere: Internet access required; standard data rates apply to download and use mobile app.

  • Fastest refund possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. Last tax year, the IRS issued more than 9 out of 10 refunds in less than 21 days.

  • Get your tax refund 5 days early in your bank account: If you choose this paid add-on feature, your federal tax refund will be deposited to your selected bank account 5 days before the refund settlement date provided by the IRS (the date your refund would have arrived if sent from the IRS directly). The receipt of your refund 5 Days Early is subject to IRS submitting refund information to us at least 5 days before the refund settlement date. IRS does not always provide refund settlement information 5 days early. You will not be eligible to receive your refund 5 Days Early if (1) you take a Refund Advance loan, (2) IRS delays payment of your refund, or (3) your bank's policies do not allow for same-day payment processing. 5 Days Early fee will be deducted directly from your refund prior to being deposited to your bank account. If your refund cannot be delivered 5 Days Early, you will not be charged the 5 Days Early fee. Excludes business tax returns. 5 Days Early program may change or be discontinued at any time without notice.

    Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments' money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.

  • Get your tax refund up to 5 days early with Credit Karma Money™: When it's time to file, have your tax refund direct deposited to a Credit Karma Money™ checking or savings account, and you could receive your funds up to 5 days early. If you choose to pay your tax preparation fee with TurboTax using your federal tax refund or if you choose to take the Refund Advance loan, you will not be eligible to receive your refund up to 5 days early with Credit Karma. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early. Excludes business tax returns. Banking services for Credit Karma Money accounts are provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply per account. For more information, please visit https://turbotax.intuit.com/credit-karma-money/.

  • Loan details and disclosures for the Refund Advance program: If you expect to receive a federal refund of $500 or more, you could be eligible for a Refund Advance loan. Refund Advance loans may be issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is a loan based upon your anticipated refund and is not the refund itself. 0% APR and $0 loan fees. Availability of the Refund Advance is subject to satisfaction of identity verification, certain security requirements, eligibility criteria, and underwriting standards. This Refund Advance offer expires on February 28, 2025, or the date that available funds have been exhausted, whichever comes first. Offer, eligibility, and availability subject to change without further notice.

    Refund Advance loans issued by First Century Bank, N.A. are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. Although there are no loan fees associated with the Refund Advance loan, separate fees may apply if you choose to pay for TurboTax with your federal refund. Paying with your federal refund is not required for the Refund Advance loan. Additional fees may apply for other products and services that you choose.

    You will not be eligible for the loan if: (1) your physical address is not included on your federal tax return, (2) your physical address is located outside of the United States or a US territory, is a PO box or is a prison address, (3) your physical address is in one of the following states: IL, CT, or NC, (4) you are less than 18 years old, (5) the tax return filed is on behalf of a deceased person, (6) you are filing certain IRS Forms (1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862), (7) your expected refund amount is less than $500, or (8) you did not receive Forms W-2 or 1099-R or you are not reporting income on Sched C. Additional requirements: You must (a) e-file your federal tax return with TurboTax and (b) currently have or open a Credit Karma Money™ Spend (checking) account with MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Opening a Credit Karma Money™ Spend (checking) account is subject to eligibility. Please see Credit Karma Money Spend Account Terms and Disclosures for details.

    Not all consumers will qualify for a loan or for the maximum loan amount. If approved, your loan will be for one of ten amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, or $4,000. Your loan amount will be based on your anticipated federal refund to a maximum of 50% of that refund amount. You will not receive a final decision of whether you are approved for the loan until after the IRS accepts your e-filed federal tax return. Loan repayment is deducted from your federal tax refund and reduces the subsequent refund amount paid directly to you.

    If approved, your Refund Advance will be deposited into your Credit Karma Money™ Spend (checking) account typically within 15 minutes after the IRS accepts your e-filed federal tax return and you may access your funds online through a virtual card. Your physical Credit Karma Visa® Debit Card* should arrive in 7 - 14 days. *Card issued by MVB Bank, Inc., Member FDIC pursuant to a license from Visa U.S.A. Inc.; Visa terms and conditions apply. Other fees may apply. For more information, please visit: https://support.creditkarma.com/s/article/Are-there-fees-with-a-Credit-Karma-Money-Spend-account.

    If you are approved for a loan, your tax refund after deducting the amount of your loan and agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account. Tax refund funds are disbursed by the IRS typically within 21 days of e-file acceptance. If you apply for a loan and are not approved after the IRS accepts your e-filed federal tax return, your tax refund minus any agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account.

    If your tax refund amounts are insufficient to pay what you owe on your loan, you will not be required to repay any remaining balance. However, you may be contacted to remind you of the remaining balance and provide payment instructions to you if you choose to repay that balance. If your loan is not paid in full, you will not be eligible to receive a Refund Advance loan in the future.

  • Pay for TurboTax out of your federal refund or state refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 service fee may apply to this payment method. Prices are subject to change without notice.

  • TurboTax Help and Support: Access to a TurboTax product specialist is included with TurboTax Deluxe, Premium, TurboTax Live Assisted and TurboTax Live Full Service; not included with Free Edition (but is available as a paid upgrade). TurboTax specialists are available to provide general customer help and support using the TurboTax product. Services, areas of expertise, experience levels, wait times, hours of operation and availability vary, and are subject to restriction and change without notice. Limitations apply. See Terms of Service for details.

  • TurboTax Live - Tax Advice and Expert Review: Access to an expert for tax questions and Expert Review (the ability to have a tax expert review) is included with TurboTax Live Assisted or as an upgrade from another TurboTax product, and available through December 31, 2025. Access to an expert for tax questions is also included with TurboTax Live Full Service and available through December 31, 2025. If you use TurboTax Live, Intuit will assign you a tax expert based on availability. Tax expert availability may be limited. Some tax topics or situations may not be included as part of this service, which shall be determined at the tax expert's sole discretion. The ability to retain the same expert preparer in subsequent years will be based on an expert’s choice to continue employment with Intuit and their availability at the times you decide to prepare your return(s). Administrative services may be provided by assistants to the tax expert. On-screen help is available on a desktop, laptop or the TurboTax mobile app. For the TurboTax Live Assisted product: If your return requires a significant level of tax advice or actual preparation, the tax expert may be required to sign as the preparer at which point they will assume primary responsibility for the preparation of your return. For the TurboTax Live Full Service product: Hand off tax preparation by uploading your tax documents, getting matched with an expert, and meeting with an expert in real time. The tax expert will sign your return as a preparer.

  • TurboTax Live - Unlimited Expert Support: Unlimited access to TurboTax Live experts refers to an unlimited quantity of contacts available to each customer, but does not refer to hours of operation or service coverage. Service, area of expertise, experience levels, wait times, hours of operation and availability vary, and are subject to restriction and change without notice.

  • TurboTax Experts - Years of Experience: Based on experts' self-reported years of tax experience.

  • TurboTax Live - Expert Availability: TurboTax Live experts are available on nights and weekends for certain expanded hours during tax season (from January to April) and in the weeks leading up to tax extension deadlines. Outside of tax season, regular hours are Monday through Friday 5am to 5pm PT. Service, area of expertise, experience levels, and wait times vary, and are subject to restriction and change without notice. Unlimited access to TurboTax Live experts is included with all TurboTax Live products.

  • TurboTax Live Full Service - File your taxes as soon as today: TurboTax Full Service experts are available to prepare 2024 tax returns starting January 6, 2025. One-day preparation and filing availability depends on start time, the complexity of your return, is based on completion time for the majority of customers, and may vary based on expert availability. A tax preparation assistant will validate the customer's tax situation during the welcome call and review uploaded documents to assess readiness and ability to file same-day. All tax forms and documents must be ready and uploaded by the customer for the tax preparation assistant to refer the customer to an available expert for live tax preparation.

  • TurboTax Live Full Service - “Local”: For purposes of virtual meetings, “Local" experts are defined as being located within the same state as the consumer's zip code. Not available in all states.

  • Smart Insights: Individual taxes only. Included with TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, and is available through November 1, 2025. Terms and conditions may vary and are subject to change without notice.

  • My Docs: Included with TurboTax Deluxe, Premium TurboTax Live, TurboTax Live Full Service, or with PLUS benefits and is available through December 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • Tax Return Access: Included with all TurboTax Free Edition, Deluxe, Premium, TurboTax Live, and TurboTax Live Full Service products. Access to up to seven years of tax returns we have on file for you is available through December 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • Easy Online Amend: Individual taxes only. With TurboTax Deluxe, Premium, TurboTax Live, TurboTax Live Full Service, or with PLUS benefits, you can make changes to your 2024 tax return online through October 31, 2027. For TurboTax Live Full Service, your tax expert will amend your 2024 tax return for you through November 15, 2025; after that date, TurboTax Live Full Service customers will be able to amend their 2024 tax return themselves using the Easy Online Amend process described above. TurboTax Free Edition customers may amend 2024 tax returns online through October 31, 2025. Terms and conditions may vary and are subject to change without notice.

  • #1 best-selling tax software: Based on aggregated sales data for all tax year 2023 TurboTax products.

  • #1 online tax filing solution for self-employed: Based upon IRS Sole Proprietor data as of calendar year 2024, for tax year 2023. Self-Employed defined as a return with a Schedule C/C-EZ tax form. Online competitor data is extrapolated from press releases and SEC filings. “Online” is defined as an individual income tax DIY return (non-preparer signed) that was prepared online and either e-filed or printed, not including returns prepared through desktop software.

  • 1099-Ks: Those filing in TurboTax Free Edition, TurboTax Live Assisted Basic or TurboTax Live Full Service Basic will be able to file a limited IRS Schedule 1 if they have hobby income or personal property rental income reported on a Form 1099-K, and/or a limited IRS Schedule D if they have personal item sales with no gain reported on Form 1099-K. Those filing in TurboTax Deluxe, TurboTax Live Assisted Deluxe or TurboTax Live Full Service Deluxe will be able to file a limited IRS Schedule D if they have personal item sales income reported on Form 1099-K. If you add other schedules or forms, or need to report other types of income on Schedules 1, D, E, F, or Form 4835 you may be required to upgrade to another TurboTax product.

  • 1099-K Snap and Autofill: Available in mobile app and mobile web only.

  • 1099-NEC Snap and Autofill: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). Available in mobile app only. Feature available within Schedule C tax form for TurboTax filers with 1099-NEC income.

  • Year-Round Tax Estimator: Available in TurboTax Premium (formerly Self-Employed) and TurboTax Live Assisted Premium (formerly Self-Employed). This product feature is only available after you finish and file in a self-employed TurboTax product.

  • Refer a Friend: Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (Intuit's own experts): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Refer your Expert (TurboTax Verified Pro): Maximum of $500 in total rewards for 20 referrals. See official terms and conditions for more details.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received. Each taxpayer's refund will vary based on their tax situation.

  • More self-employed deductions: based on the median amount of expenses found by TurboTax Premium (formerly Self Employed) customers who synced accounts, imported and categorized transactions compared to manual entry. Individual results may vary.

  • TurboTax Online Business Products: For TurboTax Live Assisted Business and TurboTax Full Service Business, we currently don't support the following tax situations: C-Corps (Form 1120) and entities electing to be treated as a C-Corp, Trust/Estates (Form 1041), Tax Exempt Entities/Non-Profits, returns that require more than 5 state filings, and other issues unrelated to the preparation of a tax return or unrelated to business income/franchise taxes. TurboTax Live Assisted Business is currently available only in AK, AZ, CA, CO, CT, DE, FL, GA, ID, IL, KS, MA, MD, ME, MI, MN, MO, NC, NJ, NV, NY, OH, PA, RI, SD, TN, TX, UT, VA, WA, WV, and WY.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for an additional fee, by TaxResources, Inc., dba Tax Audit. Audit Defense is included at no added cost with business returns filed with TurboTax Live Business (excluding Sole Proprietor). See Membership Agreements at https://www.intuit.com/legal/terms/ for service terms and conditions.

TURBOTAX DESKTOP GUARANTEES

TurboTax Desktop Individual Returns:

  • 100% Accurate Calculations Guarantee - Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Maximum Refund Guarantee / Maximum Tax Savings Guarantee - or Your Money Back - Individual Returns: If you get a larger refund or smaller tax due from another tax preparation method by filing an amended return, we'll refund the applicable TurboTax federal and/or state software license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.

  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

©1997-2024 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.

Security Certification of the TurboTax Online application has been performed by C-Level Security.

By accessing and using this page you agree to the Terms of Use.