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svaysao
Returning Member

Crypto Currency manually entering, will I have to send in documents later?

Hello,

I understand that turbo tax only allows CSV files to be imported if trades are under 2200 trading under Robinhood, but the transaction is much more than that, and have advised me to use other sites to get the data I need for manually entering. I've already got all my short-term/long-term numbers aggregated and crunched out and have manually entered for turbo tax. My question is since I have already accurately entered it into TurboTax without uploading any documents/CSV files for crypto-currency, will I have to send in my 1099 for crypto documents later to provide proof after I e-file? I don't want to go through the hassle of doing so or don't want to skip any steps and do it right the first time. 

 

Thank you

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2 Replies

Crypto Currency manually entering, will I have to send in documents later?

At tax time, you have the option to summarize your transactions by Sales Category.

IRS requires details to be listed on a Form 8949,
or on your other forms (e.g. consolidated 1099-B) which have the same information and in the same manner as Form 8949.
Either way, if you choose to summarize, you have to mail the transaction details to the IRS within three business days of IRS accepting your e-Filed tax return.(unless you have attached a PDF of the transactions details to your e-Filed return. TurboTax does not offer this feature).
Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary.


If you don't have a 1099-B for crypto, your sales category is C or F.

There is no exception for these categories.

Crypto Currency manually entering, will I have to send in documents later?


if you have a spreadsheet, adjust your file so the columns are in the same order as on Form 8949.

Put a header with your name tax year and SS Number.

 

Use the summary option and then you can mail in the printout of the spreadsheet.
See the TurboTax instructions that will pop up.

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