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Critical Notice: You may need to amend your 2021 tax return (Turbo Tax)

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thaterrormessage
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Critical Notice: You may need to amend your 2021 tax return (Turbo Tax)

Post by thaterrormessage »

Hi there,

Unfortunately, we‘ve identified a possible issue with the import of your crypto Gain/Loss Statement from Binance.US.

To find out if your return was impacted, you’ll need to look for duplicate transactions in the imported data from Binance.US.

To review the imported values in TurboTax, you’ll need to start an amended return by following the steps below. Note that this step is only to review what was reported. You will only have to amend your return with the IRS if the data on your submitted return contains invalid duplicate transactions imported from Binance.US.

Here’s how to review your Binance.US data:
Sign in to TurboTax
Scroll down to Your tax returns & documents and select Amend (change) return, and then Amend using TurboTax Online
Select the reason you're amending which is TurboTax sent me an email and Continue
Select Federal Taxes, then Wages & Income
Select Edit/Add next to Investments and Savings
Select Edit in the Binance.US section to review the transaction details
Look for imported crypto gain/loss transactions from Binance.US that are incorrectly repeated
If there are no duplicate transactions in the detail screen, you don’t need to do anything further. However, if you see any duplicates, you’ll need to delete the original imported form and re-enter the data.

To re-enter crypto gain/loss data, you have three options:
Try import again: If Binance.US crypto gain/loss import is currently available
Enter the information manually: Select the option I'll type it in myself and enter the data manually, using your crypto gain/loss statement from Binance.US
Import another way: Import your crypto gain/loss statement through CoinTracker, if you have a CoinTracker account, or create a free account here:
https://www.cointracker.io/turbotax

Once you’ve re-entered the data, if the amount you owe has changed then you’ll need to file an amended 2021 federal and in some cases state tax return. We will provide you with a partial refund* of your federal TurboTax product if you need to re-file.

To receive this refund, no action is needed from you. Please allow 3-5 business days for the adjustment to appear in your account. Your refund will be applied to the same payment method you used to pay for TurboTax.

If you used the Refund Processing Service to pay for TurboTax, a check will be mailed to you in the next 21 days.

If you have any questions, our experts are available at 800-4INTUIT, 5 AM - 9 PM PT throughout the week. Let the expert know you’re calling about: Binance.US import.

We’re truly sorry for any inconvenience this may have caused and want to thank you for being the best part of TurboTax.

Warm regards,

The TurboTax Care Team
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