- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hi Renee. I have been researching this for a week now and, although I'd love it if your answer is right, I can't find any support for that in the IRS forms, at least where the crypto exchange does not generate a Form 1099B. Can you explain why you think it's acceptable to the IRS? Since most crypto exchanges do not generate 1099Bs (if they did this would make the summary okay per the IRS), the fact that Turbotax automatically prepares a single summary for the imported transactions, and provides no way to override this function, is a huge problem. It means that the only choice is to file by mail the Form 8949 along with the Form 8453 within 3 days after electronically filing. What's crazy is that Turbotax has all of the trades and includes them on the worksheet, but simply includes a one-line summary on the form submitted to the IRS. What's also crazy is that Turbotax does not notify you that you have to mail anything to the IRS. Apparently there is a notice like that which the user will get when the user specifically chooses to enter a summary instead of entering all the individual sales, but not where all the sales have been imported into the program and Turbotax on its own creates a summary and includes only that summary on the Form 8949. As a result, I have just realized this is a problem and now have to go back and amend my last two years of returns. There are at least 5 threads on this forum on this topic, and there are no clear answers anywhere. How can we get the attention of someone who actually is responsible for fixing the problem at Turbotax? Thanks for any help you can provide.