Crypto Tax Filing Guide USA 2023

Last updated: February 7, 2023

Before you are ready to file your crypto taxes, you should ensure that you have properly set up your accointing account, set the right tax settings, and reviewed all your data for accuracy.  If you have already gone through those steps, generated your tax report and are ready to file, the following guide will help you in submitting your 2022 US income tax return with your accointing tax report.

Filing Your Tax Return

Filing with a Tax Tool

The easiest way to file your individual tax return in the US is with a tax filing program. There are many options available to US taxpayers, but they all allow you to enter all your tax forms, including any cryptocurrency gains, losses and income, and file electronically. These tools simplify the filing process by providing easy walk-throughs and even reviewing your tax return for audit risk.

Filing Your Crypto Taxes with Cash App for Free

Filing Your Crypto Taxes with H&R Block

Filing Your Crypto Taxes with TurboTax Online

Filing Your Crypto Taxes with TurboTax Desktop

Filing on Your Own

If you prefer to file your taxes without using a tax tool, you can manually complete your required tax forms by using your accointing tax report and mailing your income tax return as indicated in the IRS instructions. The IRS also offers Free File for anyone seeking to file electronically for free. 

Filing Your Crypto Taxes for Free

Filing with a Professional

If your crypto portfolio is large, you own any type of business or have a complicated tax situation, we recommend you find a qualified tax professional. Creating a tax report with Accointing might be simple, but there are many gray areas in the taxation of digital assets today. A tax professional can provide you with great value by helping you navigate these gray areas and plan to minimize any tax liability.

Accointing for Professionals and Partners

Filing Questions

Forms 1099

Forms 1099 are information returns that report income received from non-employment sources, such as interest, dividends, and capital gains. These forms are issued by the brokers or payers of the income to taxpayers, who are required to report this income on their tax return. Failure to do so can result in penalties and fines. Additionally, it’s important to know that the payer is also required to file a copy of the 1099 form with the IRS, meaning that the government already has a copy of the information, so non-compliance can easily be detected.

Crypto Forms 1099

Extending Your Tax Return

If you need more time to file your tax return, you can file for an extension using Form 4868 by the unextended deadline of April 18, 2023. This will extend your tax return until October 16, 2023. Keep in mind that this will only give you more time to file your return, not more time to pay any taxes due, meaning that you will have to estimate your taxes due if you do not have all the information by the unextended deadline. In such situations, it is better to overpay to avoid penalties and interest as any overpayment can be refunded or applied to next year’s taxes.

Extending Your Tax Return

Reducing Your Tax Bill 

Want to reduce your tax bill for this upcoming year? Harvest losses using accointing, make sure to properly identify all internal transactions and of course HODL your assets long-term.

Learn about our Tax Loss Harvesting Tool

The information contained in this guide, including any supplemental materials, is for general information purposes and does not constitute financial, investment, legal or tax advice. The present content is not intended as a thorough, in-depth analysis, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. Please consult your tax advisor.

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