Not necessarily. I believe they would consider bitcoins to be credits in an unregistered barter exchange, which counts as taxable income as soon as you receive them.
That said, I'm not going to report them that way unless requested by an auditor. It would just be a mess trying to account for them.
The Good/Bad news is that your accounting software can check the block-chain after the fact: If you have kept track of all of the addresses you have used. Based on the OP, TurboTax won't have that feature in 2011/2012.
All that will tell the software is how much has gone in and out of your wallet. Just as important is WHY it went in and out of your wallet.