How To Use The Taxes Page

The Taxes page contains all of the relevant tax information for your account. On this page, you can change your accounting method, 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 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

Selecting a tax year

The 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 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.
• The fifth option will give you a .csv export specially formatted to work with TaxAct.

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.

Please 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 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.

Still have questions? Send us an email at support@taxbit.com and we'd be happy to help!

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