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Returning Member
posted May 27, 2020 2:27:05 PM

Turbotax only provided summary for Cryptocurrency on Form 8949.

I submitted my 2019 tax return in January, but was made aware recently online that I may have accidentally missed a step when submitting. This step is referring to form 8453 where I should have mailed in records of my individual crypto transactions within 3 days after filing. Turbotax online never made me aware of this step when completing my return.

 

I used bitcoin.tax to track my 2019 activity, and I generated a csv file that was automatically imported into TurboTax. I generated 100 transactions with a total loss for for the 2019 year, which comfortably fits under their software's limit for including the transactions.

 

After submitting, I thought I was done as I didn't receive any notification to mail in additional forms. Looking at my printed tax return, I see that turbotax provided only one line with my total proceeds, costs, and loss.

 

I.E. Bitcoin.Tax - short-term Various 11/27/19

 

Is this acceptable and sufficient, or can the IRS come after me because i didn't submit the 8453 form and records? If it is not, are my options:

 

1) Submit a paper amended return with an 8949 stating "See attached statement" with Code M and total cost/proceed/loss.

 

2) Submit the 8453 in the mail with my list of individual transactions even though it is 4 months later.

 

3) Wait for the IRS to contact me and I respond to next steps.

 

 I would appreciate any guidance on this, thank you.

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