Solved: Cryptocurrency Forms 8949 & (Do i need to mail 845...
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TaxGuy024
Returning Member

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

I uploaded my cryto CSV file in to TurboTax.  It generated a summary of all my crypto transactions instead of listing them individually.  I e-filed.   Turbotax did not tell me if I need to mail in 8453 with all my detailed cryto taxable events. (I found a post about 8453 after I filed)  Do I need to mail in 8453?

It did not indicate under  (f) code "m" for see attachment

 

Turbo Tax listed my crypto as

 

(a): CryptoTrader.Tax - Short-term

(b): Various

(c): 12/20/20

(d):  $5,117

(e) $5,070

(f)

(g)

(h) 47

 

 

 

1 Best answer

Accepted Solutions
fanfare
Level 15

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

IRS requires all closing  transactions to be detailed on form 8949 or on your equivalent form (i.e. spreadsheet ) with the same information and in the manner of Form 8949.

Your sales category should be C or F since you don't have a 1099-B.

There is no exception for those sales categories.

 

In this case, TurboTax is failing to remind you that you have to mail the transactions details within three business days of your e-Filed return being accepted.

View solution in original post

7 Replies
DaveF1006
Employee Tax Expert

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

It depends. if Turbo Tax determined you did not need a 8453, then it isn't required. An 8453 would only be issued if your transactions were summarized and not detailed in your return.  

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TaxGuy024
Returning Member

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

TurboTax did not indicate I need to mail in a 8453, but my transactions WERE summarized and not detailed in the return that I e-filed.  I printed the e-file return and it shows they were summarized as stated in the original post.  Please Advise. 

 

fanfare
Level 15

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

IRS requires all closing  transactions to be detailed on form 8949 or on your equivalent form (i.e. spreadsheet ) with the same information and in the manner of Form 8949.

Your sales category should be C or F since you don't have a 1099-B.

There is no exception for those sales categories.

 

In this case, TurboTax is failing to remind you that you have to mail the transactions details within three business days of your e-Filed return being accepted.

View solution in original post

TaxGuy024
Returning Member

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

I should of just used TaxAct instead of paying for TurboTax.

 

I though by using TurboTax Premier it would include everything I need when I file, and relieve the stress of forgetting to include necessary information.  Will turbo tax refund if I am not satisfied with their product?

DaveF1006
Employee Tax Expert

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

It depends. Please use this link to  Contact Us  to see if an agent will refund your purchase if you are dissatisfied. You will need to search for phone contact information in the link.

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fanfare
Level 15

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

TurboTax should not be summarizing and making you mail if you have already entered your individual transactions.

That is new behavior and it is a bug not a feature.

TaxGuy024
Returning Member

Cryptocurrency Forms 8949 & (Do i need to mail 8453?)

I have a generated CSV file with every taxable transaction individually.  I choose to upload the CSV into TurboTax and TurboTax summarized it.

 

No mention of mailing in 8453 or any requirement after i E-filed.  

 

I only realized it when I printed the E-file return and saw it summarized.  I started to look online for help and found the 8453, which led me to post here....

 

 

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