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Returning Member
posted Apr 12, 2022 9:49:52 PM

Binance.US API import is not working! And TurboTax is also behaving oddly with the TaxBit TurboTax csv export

I've tried countless times, read every thread on here and reddit about it, cleared my cache and cookies and allowed all cookies, done this on Chrome, Firefox and Edge, and still nothing. It just always loads for a long time and then simply doesn't 

 

I had somewhere between 300-500 transactions on Binance.US as I made frequent trades with the app in 2021, but it's causing me such a huge headache and I basically made a loss on it too.

 

I thought I put it all in correctly with TaxBit's TurboTax csv export (an officially recommended one with Binance.US I believe) but in the federal review, it's asking for 8 reviews. And some of them are so bizarre, like it's asking me to review a transaction... except it's not telling me which one it is and left everything completely blank. Out of 500 transactions??? And other one is asking me for a review for a "sale" where cost basis was 0 and proceeds were 0. What?

I'm so confused... I have all the stats, all the exchanges I used, all the imports or clean CSVs for everything else (because only Binance.US is broken) and Binance.US has just been a nightmare for me. What is going on?

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1 Replies
Expert Alumni
Apr 14, 2022 3:57:49 PM

You may elect to report summary information.  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 will enter the summary info instead of each individual transaction.

 

  • Go to Federal / Wages & Income / Your income / Investments and Savings.
  • Click Edit / Add to the right of Investments and Savings (1099-B, 1099-INT, 1099-DIV, Crypto).
  • Click Add investments.
  • At the screen Let's import your tax info, click Enter a different way.
  • On the OK, what type of investments did you sell? screen, select Stocks, Bonds, Mutual Funds, then Continue
  • Step through the interview and select Sales section totals when prompted to Choose how to enter your sales
  • You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your statement or 1099-B for the amounts and category. When finished, select Continue
  • You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.

 

If you choose the option to enter a summary instead of entering each sale, The IRS requires that you mail a copy of the brokerage statement listing the individual sales.

 

If you e-file, TurboTax will produce an IRS Form 8453. You print the IRS Form 8453 and attach the brokerage statement(s) to it.

 

If you file by mail, attach the statement(s) to the back of your tax return, after all the forms and schedules.

 

In either case, click the mailing instructions link in the message at the bottom of the TurboTax page and follow the instructions that it displays.