No 1099B but have form 8949

[cdpaul1952]

Coinbase says a 1099B was not generated for me because my proceeds were less than $600... but I do have a completed form 8949 for TurboTax.... can (or should) the 8949 be imported into TurboTax without a 1099B?

[HelenC12]

You won't be able to import Form 8949 into TurboTax but, you can enter the information in TurboTax, that's on the form so TurboTax creates the form.

Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows the short-term transactions (held less than a year) and Part II has the long-term transactions.

• When you enter investment sales or exchanges in TurboTax, we'll automatically fill out Form 8949 and transfer the info to Schedule D. You don't need to fill out the 8949 yourself.

To enter your investment sales (the information on Form 8949):

• Open (continue) your return in TurboTax.
• In the search box, search for investment sales then select the Jump to link in the search results.
• Answer Yes to the question Did you sell any of these investments in 2021?
  • If you land on the investment sales summary screen , select Add More Sales.
• Select Other then Continue.
• On the next screen, select the type of sale you had (like second home, collectible, or land) and Continue.
• Continue following the onscreen instructions to enter the sale.

[cdpaul1952]

Oh My!!! the 8949 that coinbase generated has 20+ pages of sale and cost-basis detail.... really don't see how I can possibly manually enter that!

CP

[DianeW777]

No need for concern.  You can enter the sales in a summary type of action by using the information provided here.

You should separate transactions by holding period -long term from short term. Then you can enter them yourself as two summarized sales.

• Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
• Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Columns should be similar to Form 8949 (grouped together by holding period): 

• Description
• Date Acquired
• Date Sold
• Proceeds
• Cost
• Gain/Loss

These worksheets can be filed after your tax return is accepted (Form 8949 from CoinBase).  

If you are e-filing your tax return, then mail your statements along with Form 8453 to the following address within three days after the IRS accepts your tax return: 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet).

[cdpaul1952]

Thanks for that reply... just to be clear.... I double checked the form that Coinbase generated and they provided a file in a format that TTax should have been able to read (2021_8949.turbotax.txf)... is this something still in development with Intuit?

[JamesG1 · Accepted solution]

What version of TurboTax are you using?

TurboTax Desktop Premier version is able to upload .txf files at:

File / Import / From Accounting Software / Other Financial Software (TXF file).

[cdpaul1952]

Using Mac desktop version for 2021 TTax premier

[cdpaul1952]

Thanks JamesG1.... That worked exactly as needed and associated it's data in the the area where another 1099B was imported.... excellent...

[satishwadhwa6020]

1.How to restore in turbo TAX premier form 8949( copy1 )with relevant entries under short term (A) and long term (D) checked, as I deleted the entries from one Broker and entered from summary provided under short term, but there is no column for brokers name.

2. how to create form #8949 (copy 2), as all the sales under short term or long term do not fit in copy 1. 

3.Kindly reply me  on my cell phone  ( [email address removed]) urgently and call me asap on my cell #, as I am sick & need to wrap my tax return.

4. If there is better way of handling a sizable capital gain, I shall be obliged for guidance, as I do not have enough to pay taxes alone for tax year 2021, not to mention estimated taxes for 2022 tax year.