turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

wildemu
Returning Member

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.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies