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Another crypto question - how to report in Turbotax?

I received a "Cryptocurrency Account Statement" from Apex Crypto.  Its not a 1099-B.  The form states "These transactions should be reported on Form 8949 Part 1 with box C checked".  I dont know how to manually enter that into a form - I would prefer to use the step-by-step process in TurboTax.  How do I enter this info into TurboTax?  I saw suggestions to search "Crypto", or to look in "Wages and Income" section for Cypto - of use the "Less Common Income Section" - I couldnt figure out exactly where to enter my Crypto earnings info.  I have the Premier edition of TurboTax.  Please help.  Thanks.

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2 Replies
HelenC12
Expert Alumni

Another crypto question - how to report in Turbotax?

TurboTax automatically generates Form 8949, Part i, Box C , that is a short-term transactions not reported to you on From 1099-b, when you enter your crypto sale (as a short term sale, less than one year).

 

To manually enter your crypto as investments sales using TurboTax Online Premier:

  1. Open (continue) your return in TurboTax.
  2. In the search box, search for investment sales then select the Jump to link in the search results.
  3. Answer Yes to the question Did you sell any of these investments in 2021? (or Okay! to Time to kick off your investments!)
    1. If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments
  4. On the Let's import your tax info screen, select Enter a different way.
  5. On the OK, let's start with one investment type screen, select Cryptocurrency and Continue.
  6. On the Select your crypto experience screen, select Type it in myself.
  7. On the Let's get started typing in your crypto tax info screen, just type in Apex Crypto. You don't have to enter the account number or Payer's EIN and Continue.
  8. On the Did you get a 1099-B from Apex? screen, select No and Continue.
  9. On the Now, enter one sale for Apex, enter your information and Continue
  10. Continue with the onscreen interview until complete. 

 

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Another crypto question - how to report in Turbotax?

Thanks for the reply.  I followed your steps - but on step 5, there was no option to select "Cryptocurrency".  So I ended up just entering it in as a 1099-B. 

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