Quantity of crypto transactions omitted from Form 8949, should I amend?

[user17548719818]

I use a crypto tracking software that tracks my crypto transactions and generates a tax report, which can be exported to TurboTax... or so I thought. I saw on my 2023 tax return that the tracking software omitted the quantity of my crypto sales from the description column of Form 8949, but uploaded everything else, such as dates, cost basis, and proceeds, correctly. For instance, instead of showing that I sold "0.001 BTC" it only shows "BTC" in the description column. I made over 100 crypto transactions for tax year 2023, so this isn't a one-off. 

Would the IRS assess any penalties, fees, or other punitive action for not amending to include the quantity of each sale? To be clear, doing so won't change the gain/loss of each sale, so my tax liability will be unchanged, since everything else was uploaded and flowed through correctly.

Edit: 

Forgot to mention, I received Letter 6174-A, which prompted me to check my tax records. 

[rjs · Accepted solution]

Do not amend your tax return, since the amendment would not change the amount of your income or your tax. There is no specific penalty for omitting the quantity information. If the IRS wants the information they will send you a notice asking for it. They are not likely to do that.

[user17548719818]

Thanks for replying! I forgot to mention in my original post that I received Letter 6174-A, hence I checked my previous tax records. Would still say to not amend despite receiving that letter?

[rjs · Accepted solution]

Yes, I still say not to amend. Letter 6174-A does not require a response. It's just "educational." The IRS sends it to anyone who has crypto transactions, or who they think had crypto transactions and might not have reported them. It doesn't mean that they found anything wrong with your tax return. When the letter talks about reporting your transactions accurately, it means reporting all of your transactions, with the correct dollar amounts. The IRS is mainly interested in going after people who don't report their crypto transactions at all. So don't worry about it unless you get another letter. And don't amend.

Is there anything else you forgot to tell us that might change the picture? Did you get any other IRS letters?

[user17548719818]

No, that was the only item I received from the IRS so far. Thank you for your help and confirming!