Is there a way to do a bulk entry for the box "How did you receive this investment" for each Crypto transaction?

The problem is that the IRS expects each transaction looked at in case of any of the transactions were loss due to personal use, such as lunch at Starbucks or payments towards bills, etc. Loss on use of personal property should not be included on your return. The gains are included along with any transactions that were investment related.

If you want to do this outside of the program and then enter only two lines,

• the total short term and the
• total long term transactions that do qualify, that is an option.

 

If you do the summary, you can just mail a copy of your  Robinhood forms to the IRS. The program will give you instructions.

 

That's fine that they want to see each transaction.  But do I have to go through each individual transaction and change the box to say that I purchased them?  Is there a way to do that in mass, so as to not spend hours checking a box 300 times?

No, there is not a option to do a bulk entry that applies to all of your transactions.

 

@AmyC is providing the only alternative to correcting each entry one at a time. 

same problem for me... I got 200+ transactions on stock/option trades. it took forever to adjust one by one. super annoying! 

This is very painful. I cannot understand where Amy C is providing how to bulk update for this. Biggest pain in the neck.

You may enter the summary information instead of each individual transaction.  Your provider may be providing information in IRS form 1099-B or IRS form 8949 format.

 

Create a .PDF of the IRS form 1099-B to upload into TurboTax Premium Online.  Follow these steps.       

 

1. Down the left side of the screen, click Federal.
2. Down the left side of the screen, click Wages & Income.
3. Click the down arrow to the right of Investments and Savings.
4. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
5. Click Add investments.
6. On the Let's import your tax info screen, select Enter a different way.
7. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
8. At the screen Which bank or brokerage, enter the information.  Click Continue.
9. Do these sales include any employee stock, enter No.
10. Do you have more than three sales, enter Yes.
11. Do these sales include any other types of investments, enter No.
12. Did you buy every investment listed, enter Yes.  Continue.
13. On the screen Now, choose how to enter your sales, select Sales section totals.  Select Continue.
14. At the screen Look for your sales on your 1099-B, select Continue.
15. 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
16. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
17. When completed, close the record and click Continue.
18.  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.
19. 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.

 

 

 

@shahnikhil