is any one from TurboTax Reading? because i see way to many? and very little answers from the people that are supposed to be helping up do this. isn't that why we all pay you? or should we just file on the IRS website with e-file and Direct Deposit for Free? Because im about done with T-T every year it just gets more and more and less helpful!
In some cases, you will need to enter the info manually, instead of importing it directly from Robinhood.
If import does not go smooth, I will suggest to manually enter info. If there are too many transactions, try to sum up between long term and short term. You might still be able to e-file. Here are the steps:
In TurboTax online,
A Form 1099-B is issued to report the proceeds from your stocks and bonds transactions. The transactions will generate either a long term or short term capital gain or loss depends on how long the stocks are being held. The amount will be reported on line 7 of your Form 1040 along with a Schedule D and Form 8949.
NOTICE: the original question states that the 1099-B for Cryptocurrency! Crypto- or Virtual Currency is not reported the same in TT as other 1099-Bs.
See this article on how to report cryptocurrency:
Robinhood will send you two forms for crypto documents. You want the CSV form which is an Excel spreadsheet that contains all your crypto transactions. Download that file onto your PC.
Now that you have that file, go to TurboTax and click the "Add Invesments" and continue until you see a "Enter a Different Way" at the bottom right, below all the options for the list of different Brokerages and such.
Now select the "Cryptocurrency" option (you'll notice it mentions CSV, 1099-B, 1099-K) and hit Continue. From here you can have the option to upload the file you downloaded earlier (the Robinhood Crypto CSV file) and it will import all the information regarding your transactions.
**Make sure you check that the data is correct and just compare between them.
Hope this helps 😄😄😄
It was confusing for me as well. But I figured it out. Although Robinhood does give you a document summarizing your crypto transactions through them, that PDF is not what you submit. In Robinhood you should see you also got a file called "Robinhood Crypto (CSV)". That is what you turn in to TurboTax
In TurboTax, when click "Add investments", you instead go to the bottom and select "Enter a different way". From there, you select "Cryptocurrency" and continue. From there, it asks if you want to log into your exchange (Robinhood, in this case), or if you want to upload the CSV yourself. I already had it downloaded so I chose to upload it, but you can choose to log into Robinhood if you prefer. From there, you select "Robinhood Crypto (CSV)". That should be it.