How to Import a 1099-B issued in PDF format

[copleyma64]

hello again.  I have a 1099-B from BlockFI lending that is downloadable in PDF file format.  I'm very familiar with Turbox Tax's file import feature and use it every year to import my brokerage tax forms using the auto import feature.  The problem is, BlockFI is not one of the financial institutions to use this feature.  Is there a workaround to get my 5 pages of crypto trade transactions into Turbo Tax's form 8949 Form?

On a related note, some of the most common crypto exchanges out there--Coinbase, Gemini, and Block FI lending to name just three--are not on the participating financial institutions list in Turbo Tax to auto import tax documents.  I'm hopeful this will change going forward as crypto investing becomes more main stream.  Nobody likes to fat finger in hundreds of transactions into Turbo Tax if they can help.

appreciate your suggestions!  BTW, I have also let BlockFI and Coinbase know of this limitation as well.  But I'm only one voice.

Thanks again!

[Mike9241 · Accepted solution]

a pdf is not importable into Turbotax.

one workaround is to enter summary totals. this will allow efiling

then you mail in form 8453 with the PDF 

https://www.irs.gov/pub/irs-pdf/f8453.pdf 

When and Where To File
If you are filing your tax return using an online provider,
mail Form 8453 to the IRS within 3 business days after
you have received acknowledgement from your
intermediate service provider and/or transmitter that the
IRS has accepted your electronically filed tax return. If
you don’t receive an acknowledgement, you must contact
your intermediate service provider and/or transmitter.
Mail Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

[DianeW777]

Perhaps this will be the best action for your situation.

• In TurboTax Online you will find Cryptocurrency as a selection under Investment Income
• In TurboTax Desktop you will enter Cryptocurrency as a Stock, Mutual Funds, Bonds, Other, under Investment Income

Be prepared with the following information:

• Service name (examples: BlockFl)
• Asset name (examples: Bitcoin, Ethereum)
• Date of purchase
• Cost basis
• Date of sale
• Sale proceeds
• Associated costs to buy and/or sell

You can do a summary of long term and then short term combinations (long term holding is more than one year, short term holding is one year or less).  Make one entry for each. You can then send the worksheets or statement with Form 8949 after your return is accepted, attached to Form 8453.

• Sale date can be the last date a sale occurred or 12/31/2021
• Purchase date can be 'Various' 

If you are e-filing your tax return, then mail your statements along with Form 8453 to: 

Internal Revenue Service

Attn: Shipping and Receiving, 0254 

Receipt and Control Branch 

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet).

[fanfare]

Warning: for mailing purposes, your PDF must show the same information as shown on Form 8949 and in a similar manner.

Otherwise, when entered in a spreadsheet, you can manipulate your data to meet the requirement.

[copleyma64]

Hello, i have a 1099-B that has several transactions missing their cost basis because I transferred my crypto from one crypto exchange to another.  I am assuming that once i import this 1099-B into Turbo Tax i can add the missing cost basis to the relevant transactions, yes?  I am assuming the IRS will see the adjustment to explain the delta in cost basis from the reported 1099-B, yes?  

appreciate the clarification, 

Mike C 

[Critter-3]

Yes & Yes. 

[Mike9241 · Accepted solution]

the 1099-B submitted to the IRS will also omit cost basis. it will be type B or E - short-term/long-term  cost basis not reported to IRS.  you just enter what is your cost basis but no need to enter it as an adjustment.