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Get your taxes done using TurboTax
While maybe not the ideal solution, if you have the paper copy of your Robinhood account you can enter the data manually. If it includes all items such as Interest, Dividends, Capital Transactions, and Crypto Transactions there are workarounds for all the information necessary to enter.
For Interest and Dividends, it is fairly simple. Click where it shows Wages & Income, then Investments and Savings, then click +add an investment and choose which type to enter and repeat if both interest and dividends need to be entered.
For Capital transactions, not including crypto, the following steps should be of help:
The 1099-B should guide you on what the treatment will be for including the trades on your return. Generally your 1099-B should show the caption for the type of trade that it was - Short-term covered with basis reported to the IRS, Short-term not covered, Long-term covered, Long-term not covered. Each section of the 1099-B needs to be entered separately. You are allowed to combine transactions as one provided they are from the SAME grouping. You enter the transactions in the Investment section of TurboTax as follows:
- On the left side of your TurboTax screen, click on Wages & Income
- Scroll down to "Investments & Savings" and click show more or edit/add
- Click on "Add Investments"
- Best thing to do here in my opinion is to click on "Enter a different way"
- Click on the box for Stocks, Bonds, Mutual Funds and then continue
- Enter Robinhood at the top and the account number and Payer's EIN if you so choose (not required)
- Answer the questions on the next page, which are normally, but not always, no, no (in this case even if it is more), no, and yes.
- You can answer one by one and enter each group separately; if you answer yes you will need to upload a pdf of your statement.
- If your grouping has multiple sales, when you are asked the date acquired, click on something other than a date and choose various
- Follow the remaining instructions and choices. Whichever way you answer you will receive additional instructions
If you had cryptocurrency as part of your Robinhood transactions, please follow these steps:
- In the "Wages & Income" Section click on "Show more" or "Edit/Add" at the "Investments and Savings" line.
- Click on "+Add investments", then continue.
- Click on "Enter a different way"
- Click on the box for Cryptocurrency, then continue
- Click on "Type it in myself"
- Enter the payer's name, etc., click continue
- Answer yes since you did get a 1099-B as it appears from your question. then answer the following boxes no, yes, no, then continue, and continue again
- Enter the information for proceeds, dates, etc.
- Answer the remaining questions and you will return to your investments and savings summary screen.
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