Yes, you can enter your cryptocurrency transactions in a lump sum amount, but then you will need to send a copy of your 1099-B to the IRS. Just indicate in
TurboTax that you are mailing in your 1099-B or 8949 to the IRS - TurboTax will then
generate a Form 8453, to which your form must be attached.
To do this in TurboTax,
- In your Federal return, choose Wages &
Income
- Scroll down to Investment
Income and Show more
-
Start or Revisit Stocks,
Mutual Funds, Bonds, Other
-
Add a sale and answer Yes, you got a brokerage statement.
- On the next page "Choose your
bank or brokerage,"
scroll down and select the gray button in the lower right, "I'll type it in myself."
- Enter your
brokerage name and Continue
- on the page "Tell us
about your Brokerage 1099-B" choose the radio
button for
"I'll enter a summary for each sales category." (If you need
more info at any time, select Learn More.)
This will generate the required Form 8453. In limited
situations, the forms are not required
to be mailed. TurboTax will notify you if this applies in your case.
