Crypto 8949... Can I use CSV? Do I have to wait for my 1099-B?

[BaronHK]

Hi,

I have crypto taxes. Nothing too big. I already calculated the gain/loss and individual transaction data and I actually lost like $3 on Dogecoin last year. 😛

Is it okay to just upload the CSV into TurboTax and fire it off to the IRS, or do I need to wait another month until they send me a 1099-B Composite? Also, will this e-file or will it demand that I print out an 8949 and 8453?

I did not summarize. I entered each transaction (there were only like 7). There were no adjustments.

[AmyC · Accepted solution]

Yes and yes. You will want to wait until you get the 1099-B to know what has been sent to the IRS. If your 1099-B shows up with inaccurate information, you will want to have it corrected. The IRS has not opened for e-filing 2021 returns. Your return will be queued for e-file if you submit before the IRS opens.

Yes, you can upload a csv file but it will need to be mailed to the IRS with form 8453 and 8949 after e-filing. Wait until return is accepted and then mail if you are filing so far ahead of IRS opening.

It is always better to make sure the forms you get are correct before filing your return. It is also best to wait until the IRS actually opens.

[BaronHK]

Edit: Sorry. I misread that initially. So it sounds like if I punch in the data from the 1099-B when it arrives, it spares me from having to do anything on paper because the IRS has the 1099?

I don't think the 1099-B has to be issued until February 15th, so I'll probably just wait and spare myself the headache.

[AmyC]

Congress can change things anytime and make it retroactive. The software will let you know the current rules when you file. Waiting is a great idea!

[Mike9241]

if the firm handling the crypto a/c partners with Turbotax you may be able to import the transactions (provided the number of transactions don't exceed the Turbotax limit). if you do import you'll still have to do an overall check that the info was imported correctly. 

[BaronHK]

It's Uphold. TurboTax says it supports Uphold inputs, but when I check in the Crypto area, it actually does not.

So I will need to input the 1099-B Composite by hand.

I understand that if the cost basis of some of the transactions can't be determined because they were gifted to me, I can enter "various" as the date of acquisition and the cost basis can be $0 and I'll be okay?

I'd rather pay the IRS a couple dollars too much than not enough. 🙂

I plan to calculate it both ways. The way I've drafted it up as a CSV and imported as a 1099-B, but as long as they agree, I'm going to wait for my 1099-B to be sure. Also, the way I understand it is that very few people have to mail in anything to the IRS if they have a 1099-B because to have to print out an 8949 and 8353, you would have to "summarize" instead of listing each transaction as stated on the 1099-B, *and* have something other than a code A or B. If you enter it from a CSV file, TurboTax seems to want to put code C, which would obviously be "something other than A or B".

This based on the answer I later found here:

https://ttlc.intuit.com/community/forms/help/do-i-need-to-fill-out-or-mail-in-form-8949/00/27232

So, to wrap it up, wait for the 1099-B unless you want more frustration in your life from mailing in forms and potentially telling the IRS something a bit wrong.

[fanfare]

@BaronHK 

f you already entered your transactions manually, you are done.

Usually for crypto you don't get a 1099-B.

If you get a 1099-B, make sure the transaction listed there that you already entered are assigned to the correct box category as shown on the 1099-B.

any 1099-B due to you may not arrive until late February. You have to wait !

OR

call the crypto outfit to find out what they do for reporting.

[BaronHK]

Uphold says they started doing the 1099-B in 2019 to make things easier for crypto reporting.