You are not required to import the crypto transactions into TurboTax. You may enter the summary information from the IRS form 8949 instead of each individual transaction. Create a .PDF of the IRS form 1099-B to upload into TurboTax Online. Follow these steps.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click the down arrow to the right of Investments and Savings.
- Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
- Click Add investments.
- On the Let's import your tax info screen, select Enter a different way.
- On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
- At the screen Which bank or brokerage, enter the information. Click Continue.
- Do these sales include any employee stock, enter No.
- Do you have more than three sales, enter Yes.
- Do these sales include any other types of investments, enter No.
- Did you buy every investment listed, enter Yes. Continue.
- On the screen Now, choose how to enter your sales, select Sales section totals. Select Continue.
- At the screen Look for your sales on your 1099-B, select Continue.
- You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your IRS form 1099-B, IRS form 8949 and / or Schedule D Capital Gains and Losses 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.
- When completed, close the record and click Continue.
- At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document. Select Continue.
- When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.