Importing Form 8949 data

Forum|Forum|4 years ago
February 15, 2022
1 reply
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I have TurboTax Premier desktop and need to add my Form 8949 data. I have a paid a third party company (Bear Tax) to create the Form8948 in pdf format. (It's crypto data) They read the Biance.us exchange site via my account access code and then create the file. They even gave me a TurboTaxOnline.csv file for the online version of turbotax.

So there is no way to get turbotax to import the cvs file into the desktop version? I don't need to pay for online version also do I? Looks like the IRS/ nobody knows what to do with crypto at this time.

AmyC

Level 15

Keep it simple and use your desktop. The IRS wants your csv file no matter how you file. Just enter two lines into your tax return. One for short term totals and one for long term totals. Be sure you take out any transactions that resulted in a loss due to personal use of cryptocurrency - like buying lunch at Starbucks. Since a loss on personal property is not deductible. The IRS talked about that issue a lot this summer at the tax forum!

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fanfare

Level 15

If TurboTax won't accept your CSV file, proceed as follows.

Adjust your csv files so the columns are in the same order as on Form 8949.

Put a header with your name tax year and SS Number.

Use the summary option and then you can mail in the printout of the CSV files.
See the TurboTax instructions that will pop up.

You would use Category C and/or F since you don't have a 1099-B.

At tax time, you have the option to summarize your transactions by Sales Category.

IRS requires Box C/F details to be listed on your own Form 8949,
or on your other forms (e.g. spreadsheets) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.

if your service gives you both 8949 and CSV, I suspect IRS would prefer you mail in the 8949.

This assumes it all came out correctly.

Mike9241

Level 15

if you mail the forms, they must be accompanied by form 8453. check the box 8949

https://www.irs.gov/pub/irs-pdf/f8453.pdf

If you are filing your tax return using an online provider,
mail Form 8453 to the IRS within 3 business days after
you have received acknowledgement from your
intermediate service provider and/or transmitter that the
IRS has accepted your electronically filed tax return. If
you don’t receive an acknowledgement, you must contact
your intermediate service provider and/or transmitter.
Mail Form 8453 with the order forms to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

Mike9241