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Short term with cost basis not reported to IRS

I imported my cryptocurrency transactions from CoinTracker via TXF file.  It imported and I have over 2,911 transactions.  All transactions have been flagged needing more info "Needs Info?  "YES"".   All transactions are missing data " Box C:  short term with cost basis not reported to IRS".  Is there a faster way to populate all these transactions?  I am in forms and manually entering Box C,but have 2,700 transactions to go.  Step by Step is by far slower.

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1 Reply
Cynthiad66
Expert Alumni

Short term with cost basis not reported to IRS

The easiest and fastest way to get your crypto transactions into TurboTax is by using the import method.  But that is only available on TurboTax Online.  Seems you are using the desktop version.   If you’d rather download a CSV file from your crypto service and upload it to TurboTax, here’s how.

  1. Sign in to TurboTax, and open or continue your return
  2. In the Wages and Income section under Investments and Savings (or Investment Income), select Start or Revisit next to Crypto (1099-B)
  3. On the next screen, you may see Did you sell any of these investments in 2021? or Time to kick off your investments!, select either Yes or Okay!
  4. On the We can make this faster screen, select Enter a different way, and then select Cryptocurrency on the following screen
    1. If, instead, you’re asked to select an investment type, select Cryptocurrency
    2. You’ll then see the Get ready to be impressed screen. Select Continue, then select Try another way
  5. Select Upload on the Select your crypto experience screen 
  6. On the What’s the name of the crypto service you used screen, select your crypto service from the dropdown menu 
  7. After downloading your CSV file from your crypto service, upload it on the Go ahead and upload your crypto CSV file screen 
    1. Note: Make sure your file extension is .csv
  8. Review your uploaded crypto information

Below is a sample CSV file that has worked.

 

Sample CSV crypto.csv 

 

Purchase Date,Date Sold,Proceeds,Cost Basis,Currency Name

2/20/2020,3/15/2021,$485.00 ,$500.00 ,LTC

2/15/2020,4/10/2021,$85.00 ,$80.00 ,BC

1/15/2019,5/30/2021,$165.00 ,$180.00 ,ETH

2/15/2004,6/30/2021,$110.00 ,$108.00 ,BC

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