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ben_g
Returning Member

Need to amend 2018 1040 after CP2000 for crypto Coinbase

Because Coinbase  is only giving users a 1099-K form, and I need to include a form 8949 and 1040, can I just submit an amended 1099-B with the original 1099-K?


Would the step to take be: 
1. Download and fill out https://www.irs.gov/pub/irs-pdf/f1040x.pdf amendment 

2. Fill out the standardized deductions form https://www.irs.gov/pub/irs-pdf/f1040sd.pdf
3. Also fill out an 8949 with trades https://www.irs.gov/pub/irs-pdf/f8949.pdf 
4. Mail all this and the original 1099-k from Coinbase and 1040

On the CP2000 it says I have $142,000 in payment car and third part transactions, and owe $48,000 in taxes. Except this view is changing this year on how the IRS view crypto. They will instead be sending out 1099-B from Coinbase, so does the tax year that needs amending go by what the law was then, or what it is now?

 

 

6 Replies
ben_g
Returning Member

Need to amend 2018 1040 after CP2000 for crypto Coinbase

I used turbotax for my 2018 and 2019, so i downloaded the 2018 Turbotax Amend software, but can't find my 2018 tax statements that's accepted by the 2018 Turbotax Amend software. The files 2018 tax return files I can download from Turbotax are in pdf while the software asks for a .tax2018 file. Any assistance to the above questions and this will be greatly appreciated. 

DoninGA
Level 15

Need to amend 2018 1040 after CP2000 for crypto Coinbase


@ben_g wrote:

I used turbotax for my 2018 and 2019, so i downloaded the 2018 Turbotax Amend software, but can't find my 2018 tax statements that's accepted by the 2018 Turbotax Amend software. The files 2018 tax return files I can download from Turbotax are in pdf while the software asks for a .tax2018 file. Any assistance to the above questions and this will be greatly appreciated. 


Download the 2018 tax data file which has a file extension of .tax2018

 

To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show.  Click on 2018 and Click on Download .tax file

ben_g
Returning Member

Need to amend 2018 1040 after CP2000 for crypto Coinbase

Got it, thanks. 

 

Ok so can I amend my 2018 1040 with a 1040-X and include a form 9849 and 1040-B with the original documents?

DoninGA
Level 15

Need to amend 2018 1040 after CP2000 for crypto Coinbase


@ben_g wrote:

Got it, thanks. 

 

Ok so can I amend my 2018 1040 with a 1040-X and include a form 9849 and 1040-B with the original documents?


Yes, you can enter the investment sale using the Form 1099-B received from the broker in the amend program.  The program will create a Schedule D and a Form 8949 to report the sale on your tax return.

ben_g
Returning Member

Need to amend 2018 1040 after CP2000 for crypto Coinbase

Thanks.

I now have my 8949 alongside my short and long term gains. So where in the 2018 Turbotax software can I enter this?

 

Do I just attach these complete forms to the original 1099-K and CP2000 and put a cover letter explaining the differences, and fax them into the IRS?

DoninGA
Level 15

Need to amend 2018 1040 after CP2000 for crypto Coinbase


@ben_g wrote:

Thanks.

I now have my 8949 alongside my short and long term gains. So where in the 2018 Turbotax software can I enter this?

 

Do I just attach these complete forms to the original 1099-K and CP2000 and put a cover letter explaining the differences, and fax them into the IRS?


Since you received a CP2000 notice from the IRS you should follow the instructions on the notice

IRS CP2000 notice - https://www.irs.gov/individuals/understanding-your-cp2000-notice

 

If you are required to amend the tax return then report the investment sales in the Investment Income section of the TurboTax program.

 

To enter an investment sale from a brokerage account (1099-B), follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

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