Do I import both cryptocurrency 1099-B and CSV file into my taxes?

[ffernando]

Cryptocurrency

[KatrinaLO]

The instructions I'm providing here are on the Robinhood website. Please follow the instructions below for assistance. 

How do I enter my crypto tax documents into TurboTax?

1. After logging into TurboTax, navigate to the Wages & Income section.
2. On the screen where you enter income, find the Cryptocurrency Start button in TurboTax. Cryptocurrency may be under the Investment Income subsection.
3. Click: Start
4. In the “Let's get your cryptocurrency info” screen, choose the icon that says Robinhood.
5. Click: Continue
6. Drag and drop that CSV file into the next screen (or browse your computer for it and upload it). If you received a Robinhood Crypto 1099, Robinhood also provided a CSV file with your cryptocurrency transactions.
7. Double check that all of your transactions imported correctly, including the proceeds and cost basis.
8. Continue through the rest of the process to finish submitting your cryptocurrency income.

You can directly import up to 250 transactions this way.

[cadenf]

I can't figure out where to do the cryptocurrency.  I have a csv file but tried everything to import it, and nothing works.  I can't even find the section.  I also have a csv for etrade to try to do it that way, but can't figure that out also.  

So how do I import a csv file into turbo tax?

[JohnB5677]

If you can't imp[ort your documents you will have to enter them manually.  This is where you would post both or either of the formats.

I'm providing two alternatives:

1. Post each transaction
2. Post a summary

To post each transaction:

Income & Expenses

1. Scroll to Stocks, Mutual Funds, Bonds, Other
2. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
3. On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
4. From here, you can import or manually enter your 1099-B.
5. Answer the questions about your sales. Choose to Enter sales one by one when asked.
6. On the Now, we'll enter one sale on your 1099-B screen, enter your info.

 After entering or importing your 1099 B be sure to review the detail.  From time to time your broker does not know what your basis was (amount you paid for the investment), and it will be blank.  This will result in owing excess taxes.  You can be manually enter a correction.

To Post a Summary

If there are too many records to post manually, you can post a summary.

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 or continue your return (if it's not already open) and search inside TurboTax for the phrase stock sales.
2. Select the Jump to link in the search results.
3. Answer Yes to both Did you sell stocks, mutual funds, bonds, or other investments? and Did or will you receive a 1099-B form or brokerage statement for these sales?
   • If you land on Here are all your 1099-B sales, select Add sales from a different brokerage. Then answer Yes to Did or will you receive a 1099-B form or brokerage statement for these sales?
4. When asked how you want to enter your 1099-B, 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...), answer the questions until you reach the next screen. Select the second option, Let's enter a summary instead, and select Continue.
7. You'll now be able to 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 Continue.

When you are done, you'll eventually come to the Here's a summary of your broker sales screen where you can edit, delete, or enter more sales.

You will have to mail a copy of your 1099-B to the IRS.  TurboTax will produce a Form 8453. You print the Form 8453 and attach the brokerage statement(s) to it.