Is it too late to report taxes for cryptocurrency??

[mistermoses56]

This is my first year filing taxes, so I’m still a newbie to all of this. I already filed my federal income tax return via TurboTax but I’m a little worried because I had no idea cryptocurrency was taxable and didn’t report my investments before the deadline. 

So my question is, is it too late to report taxes for cryptocurrency??

I bought, traded, and sold cryptocurrency in the year 2018. I used TokenTax to calculate my transactions. I had a total of 900 of them. My estimated tax liability was negative $360 (so I guess I don’t owe money). 

If it’s too late, does that mean the IRS is going to send me to jail? 

If not, how do I transfer my tax form 8949 into TurboTax? The limited amount of transactions they’re accepting online is 250, so how do I add my form 8949 into my federal tax return? 

[MichaelMc]

Okay, first nobody is going to jail over a mistake on a Form 1040. The federal government would prefer to collect taxes that are owed rather than provide you with free room and board.

It sounds as though you are actually owed a refund, if the unreported transactions resulted in a loss.

You need to use Form 1040X to file an amended tax return. TurboTax will guide you through all the steps. Your cryptocurrency transactions from Form 8949 will be reported as capital gains or losses on Schedule D. Please read the linked article for more information:   https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00...

Now, about the Form 8949 transactions. You are allowed to report summary amount on your tax forms, as long as you attach a full, detailed hard copy to the tax return. Since amended tax returns must be filed by mail, this will present no problems for you.

Please read below for more detailed information about amending your tax return.

How to amend a return you already filed