How to manually enter crypto gains

Forum|Forum|4 years ago
March 2, 2022
1 reply
38 views

I have Bitcoin gains to report from Coinbase.

I'm using Turbotax Premier Windows (Desktop) so it appears it doesn't have an import from Coinbase tool.

So I'm entering my proceed by hand. I selected "I did not receive a 1099-B" which I didn't, AFAIK Coinbase only issue a csv detailing your transactions. That's fine so I now see my Bitcoin transaction listed in form 8949 as "not reported on 1099-B" and the proceed is also included in schedule D.

However I see a 1099-B worksheet in my forms that have the "name of financial institution" = "No Financial Institution", and "Transactions were not reported to IRS" = "X".

Is this correct and as intended, even though technical the institution is "Coinbase"? I'm also curious to know how does the Turbotax online version handle this if customers of this particular version care to comment?

Best answer by rjs

It's okay the way it is. The name of the financial institution does not actually go on your tax return. It's just a way of keeping track of the transactions in TurboTax.

rjs

Answer

Level 15

It's okay the way it is. The name of the financial institution does not actually go on your tax return. It's just a way of keeping track of the transactions in TurboTax.