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Gemini API loads but is completely inaccurate

Hi folks,

 

In order to calculate my crypto gains/losses incurred on the Gemini exchange, I connected to the Gemini API as instructed. The connection "worked" but TurboTax is spitting out completely inaccurate gains/losses for this year. I've tried it several times and it won't work. Gemini produces a Gains/Losses statement for you, but it only comes in .xlsx format, not the .csv format required to upload into TurboTax. This Gains/Losses statement is accurate. Is there anyway I can load it into TurboTax? This is so frustrating. 

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1 Reply
JamesG1
Expert Alumni

Gemini API loads but is completely inaccurate

TurboTax Online Premium will accept a CSV file.  When I enter 'xlsx format to csv format' in a browser, I receive options such as using the Save as command in Excel.  Perhaps an option can be found there.

 

Are you able to generate a PDF file from the Gemini Gains/Losses statement in XLSX format?  Are you able to display the Gemini Gains/Losses statement in summary form compatible with the IRS form 8949?  

 

Perhaps your transactions could be grouped by sales category, for example Box C Short-Term not reported to you on Form 1099-B or Box F Long-Term not reported to you on Form 1099-B.

 

TurboTax Online Premium can then be used up report Sales section totals and the PDF file may be uploaded into TurboTax or a paper copy mailed to the IRS.  Follow these steps:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & Income.
  • Scroll down to Investments and Savings and click the down arrow to the right.
  • Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • Click Add investments.
  • At the screen Let's import your tax info, click Enter a different way.
  • Click on Stocks, Bonds, Mutual Funds. Click  Continue.
  • At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
  • Do these sales include any employee stock, click No.
  • Do you have more than three sales on your 1099-B, click Yes.
  • Do these sales include any other types of investments, click No.
  • Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
  • At the screen Now, choose how to enter your sales, select Sales section totals.  Click Continue.
  • At the screen Look for your sales on your 1099-B, click Continue.
  • At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
  • Repeat as necessary by clicking  Add another sales total.  Click Continue.
  • At the screen Now we'll help you upload your 1099-B since the IRS requires a copy, select Browse.
  • Upload the 1099-B in PDF format.
  • Upload successful, click Continue.

 

 

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