Income and Investments Crypto Tax Calculator Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 19, 2023 - [Updated Jan 10, 2024] 2 min read According to TurboTaxās latest Tax Trend Report the percentage of filers reporting crypto transactions was highest among the 25-34 age group in tax year 2022, but has fallen across nearly all age groups with 2.34% of tax filers, including crypto transactions in their returns compared to just under 3% the prior year. The reduction in crypto values in 2022 may be correlated with the reduction in crypto sales reported. The decline in crypto values may have also led to losses when tax filers sold their crypto. Whether you experienced gains or losses on your sale of your crypto or if you are new to the crypto investing world, you may have questions we often hear like, āHow is my crypto taxed?ā, āHow are my profits/losses taxed?ā or āHow much is the tax on my crypto sales?ā If you have these questions, donāt worry; we have you covered. Check out our free Crypto Tax Interactive Calculator, that, in just one screen, can help answer your burning questions about your crypto sales and give you an estimate of how much your sales may be taxed and much more. To help you with your tax planning for tax year 2023, you can also estimate whether you have a capital gain or loss and compare your potential tax outcome of a short term versus long term capital gain, whether you already sold or you are considering selling. Our free Crypto Tax Interactive Calculator will help you estimate your tax impact whether you received your crypto through purchase, as a payment for services, or in exchange for goods. — — — — In addition, TurboTax Investor Center is a new, premier cryptocurrency* investment tax software solution that offers crypto tax and portfolio insights year round. It lets users know how their crypto transactions could affect their tax outcome, track their overall portfolio performance, and make smarter financial decisions to advance their goals. Take the guesswork out of your crypto taxes! At tax time, TurboTax Premium will guide you through your crypto transactions, allow you to import up to 20,000 crypto transactions at once, and figure out your gains and losses. You can meet with a TurboTax Live Full Service tax expert who specializes in crypto, who can prepare, sign, and file your taxes so you can be 100% confident your taxes are done right. Note: our Crypto Tax Interactive Calculator is for estimation purposes only and allows you to get an estimate on one sales transaction at a time. Excludes state taxes. *TurboTax Investor Center is not a tax prep service or investment advisor. Tax estimates exclude missing transaction info and may vary based on your situation. Previous Post How Do Game Show Winnings Affect Your Taxes? Next Post 5 Ways to Avoid Going Into Holiday Debt Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. Comments are closed. Browse Related Articles Investments Key Tax Trends: Crypto Taxes for Tax Year 2021 401K, IRA, Stocks Tax Tips for First-Time Investors: Stocks & Taxes Crypto Understanding Crypto and Capital Gains Life TurboTax Tax Trends Report Life TurboTax is Ready To Help Filers For Tax Year 2022 Investments Essential Tax Tips for Maximizing Investment Gains Crypto Can I Get a Tax Break When My Crypto Platform Files Ban… Taxes 101 Capital Gains Tax Explained (What It Is & How to Av… Income and Investments Cryptocurrency & NFTs 401K, IRA, Stocks A Complete Guide to Tax Loss Harvesting