The My Taxes page contains all of the relevant tax information for your account. On this page, you can change your accounting method, lock your accounting period, see your total gains and losses, and download your tax forms.
Along the top of the page, you’ll see three different tax summaries. The first summary will show your total short-term gains, the second will show your long-term gains total, and finally your total, taxable crypto income for the tax year you’ve selected.
Besides a summary of that year’s capital gains, losses, and income, there are several useful tools available on the My Taxes page. In this article, you'll find more information on how to do the following:
- Selecting a tax year
- Downloading your tax forms
- Changing your accounting method
- Determining your tax rates
- Locking your accounting period
Selecting a tax year
The My Taxes page allows you to view information from the 2014 tax season to the present. It's important to keep in mind which tax year you've selected, otherwise you may be surprised by the data you see. By default, it shows information for the current tax year. Keep in mind, this is the year prior to the current calendar year.
To change tax years, you can select the down arrow to the right of the year, and a list of available years will appear. You’ll see an option for the current calendar year, but it’s important to remember that you won’t be able to download any forms for the current calendar year until it ends.
Downloading your tax forms
There are two different kinds of information available on the My Taxes page, IRS Form 8949 and your income report. You can find articles describing IRS Form 8949 form HERE, and TaxBit’s income report HERE.
When you click on the box that says “Download IRS 8949”, you'll be presented with a window where you can select a format to generate your form:
- The first two options will give you an export as a .csv or .pdf file respectively.
- The third option will give you a .csv export specially formatted to work with TurboTax online.
- The fourth option will give you a .txf export specially formatted for TurboTax desktop.
For more information about downloading IRS Form 8949, feel free to check out our article HERE.
When you select "Download Income Report," a download will begin automatically of a .csv file that contains all your income transactions for a given tax year.
NOTE: You must be on the Plus or Pro plan to download tax forms for years other than the current tax year. For more information on available plans to choose from, check out our article HERE.
Changing your accounting method
There are a few different accounting methods we use to assign gains or losses to your disposals, and the My Taxes page is where you make that selection. For more information on the different available accounting methods, check out our article HERE.
To change your accounting method, all you need to do is select Edit in the top right corner of the accounting method box. Then, you'll be given a dropdown menu where you can select the method you'd like to use. Keep in mind, when you change your accounting method, it'll be changed for all tax years, not just the tax year you’ve currently selected.
Determining your tax rates
By editing your tax profile, you can get estimates of your income and short- and long-term capital gains tax rates. Simply select “Edit Tax Profile", enter your ZIP code, filing status, and estimated annual income for the tax year you're interested in.
Once those changes have been saved, you’ll see the approximate tax rates based on the information provided. It's important to note that TaxBit doesn’t guarantee these rates.
To be clear, TaxBit won’t be able to say how much you'll owe the IRS because of your crypto gains and losses. We provide these tax rates as a courtesy, and filling in the tax profile isn’t required.
Locking your accounting period
Your accounting period can be locked from the My Taxes page. In the top right corner of the page, you'll see a slider with a padlock icon. When that year’s accounting period is unlocked, you'll see the padlock on the left side of the slider, and the slider will be grayed out. When you toggle that slider, you'll see this confirmation screen.
If you select confirm, the page will refresh and the padlock will appear on the right side of a slider that’s now green. Now this tax year, as well as all prior years, have locked accounting periods. For more information on what happens when you lock your accounting period, you can find an article HERE.
Still have questions? Send us an email at firstname.lastname@example.org or chat with us using our live chat feature, and we'd be happy to help!