I've had the same problem in both tax year 2020 and 2021. Here is the problem:
I have about 250 crypto (BTC, DOGE) transactions in Robinhood. Robinhood also sent me a 1099B for these crypto transactions. All my transactions are short-term. Both my 1099B and the individual sales transactions verify this. Long term & undetermined term transactions reported in the summary table in my 1099B are all zeros. Only short-term (noncovered) transactions have some non-zero values. And, after importing the individual transactions into TurboTax from Robinhood Crypto, I don't see any long-term transactions; all transactions are short-term. The 1099B also shows the wash sale amount to be zero (though I'm not sure if the wash sale concept even applies to crypto).
If I import the transactions from Robinhood Crypto, then TurboTax computes the total gain as $378.56. If I manually enter the summary sale of crypto manually, then TurboTax STILL computes the total gain as $378.56. They both match to the penny (hence, no discrepancies due to rounding each individual transaction). So far so good.
But, even though the total gain associated with the crypto transactions is the same for both importing method and manual entry method, the total capital gain (short-term and long-term over everything including crypto, stocks, and mutual fund capital gain distributions) is different for the crypto importing method vs manual entry method. The importing method computes my total capital gain (over everything) as being $18 higher than the total gain via the manual entry method. As a result, my refund is about $8 lower for the importing method vs the manual entry method.
$8 is not that big of a deal but I want to be right because this exact thing happened to me during tax year 2020 as well. I don't remember which method I chose in 2020 (importing vs manual entry) but it resulted in IRS correcting my calculations. I want to avoid this for 2021.
Which method (importing vs manual entry) is correct ? And more importantly, what's going on? How is it possible that both importing and manual entry compute the same total gain to the penny ($378.56) for the crypto but then result in different total capital gain (over everything) ?
I made sure that nothing else changed. I didn't import anything else or manual enter/edit any other entry. The effect seems to be directly dependent on the importing vs manual entry of Robinhood Crypto.
