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Level 2
posted Jan 5, 2022 6:09:40 AM

Aggregated crypto trades on a singular 8949

Hello again.

 

I am experimenting with a crypto tax software service called CryptoTax Trader.  This service allows me to connect all of my crypto exchanges (Coinbase, BlockFI, Celsius, etc...) and import all of my crypto transaction into one singular tax document, both 8949 and schD, which i can then import into Turbo Tax.   In this scenario, I would not be entering individual 1099-B (if issued) by company but by one large bucket of transactions across multiple companies/exchanges, so there would be no individual company and EIN numbers to enter, since all the taxable transactions would be integrated into a singular 8949.  Please clarify if there's anything else I would need to do in Turbo Tax, if anything, or is this an acceptable alternative means of getting all of my crypto trades in Turbo Tax.    I am assuming the IRS will get copies of 1099-B from the various companies that make up the integrated transactions filed in the 8949 via e-file. 

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1 Replies
Level 15
Jan 5, 2022 8:05:45 AM

How to enter a summary in lieu of individual transactions

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example "Box A short-term covered" or "Box D long-term covered". You'll enter the summary info instead of each individual transaction.

  1. Open your return in TurboTax Online (if it's not already open) and search for stock sales in the upper-right corner.
  2. Click or tap the "Jump to" link in the search results.
  3. Answer Yes to both Did you sell any investments? and Did you get a 1099-B?
    • If you land on Here's the investment sales info we have so far, select Add More Sales. Then answer Yes to Did you get a 1099-B?
  4. On the Choose Your Bank or Brokerage import screen, select I'll type it in myself.
  5. Select or enter your brokerage on the next screen and continue.
  6. On the following screen (Tell us about...) select the second option, I'll enter a summary.
  7. On the same screen, enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your 1099-B for the amounts and category. When finished, select Done.
  8. Follow the onscreen instructions to enter additional sales or to view a summary.

When you are done entering all your sales transactions, you'll eventually come to the Here's the investment sales info we have so far screen. Here you can edit, delete, or enter more sales.