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