All of my transactions for 2022 on Blockfi were conversions of stablecoins (USDC and GUSD) back to USD so there were no profits made on trades. The profits made were on "interest" but those are all reported separately on the 1099-misc.
The 1099-B I got from Blockfi clearly shows that the cost basis is the same as the proceeds. However, when I view the Transcript on IRS.gov, the cost basis isn't reported. I presume it's because the crypto is a "non covered security" therefore Blockfi isn't required to report the cost basis.
I've been entering each transaction into Turbotax manually.
In the "Sales Section Title" I've been selecting "Short-term cost basis not reported to IRS" and filling in the cost basis.
I'm confused whether I'm required to check the box that states "The cost basis is incorrect or missing on my 1099‑B" on Turbotax. Again, the cost basis is on the 1099-B I received from Blockfi but it's not there on the 1099-B on the Transcript.
update: Last question is how do I enter this in batch using the csv template provided by Turbotax? The template has no columns or instructions on designating that this is a crypto transaction and that it's a short term non-covered security.
