Upload of 8949 needed?

[Dana3502]

Gemini provided an 8949 to me which resulted in a loss of < $20. I already have no taxable income after the standard deduction. Is there any point in uploading the 8949? Is this something that Gemini would have provided to the IRS so I need to report it just to prevent red flags from being raised?

[RobertB4444]

It depends.  You said that you have no taxable income.  The catch to the 8949 and Crypto is that the IRS may or may not know what you paid for the stuff.  They definitely know how much total you received.  If you received enough money for selling your crypto so that you would have to file a tax return if it was profit then you should definitely file.  If not no worries.

So, just to be clear, that means if your total income before you deduct the amount that you paid for your crypto is greater than $12,950 then you should file the return.

@Dana3502 

[Dana3502]

Thanks. I do plan to file a return to get back some withholding. I just won't bother figuring out the 8949 because I don't need that extra little bit of loss.

[JamesG1]

Your IRS form 8949 from Gemini may provide a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.  You are able to enter the summary info instead of each individual transaction.  Follow these steps.       

1. Open or continue your return.
2. Select Federal down the left side of the screen.
3. Select Wages & Income down the left side of the screen.
4. Select Show more to the right of Investments and Savings.
5. Select Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
6. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
   • If you land on Your investments and savings, select Add investments.
7. At the screen Get ready to be impressed, select Continue.
8. On the Let's import your tax info screen, select Enter a different way.
9. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
10. At the screen Which bank or brokerage, enter the information.
11. Do these sales include any employee stock, enter No.
12. Do you have more than three sales, enter Yes.
13. Do these sales include any other types of investments, enter No.
14. Did you buy every investment listed, enter Yes.  Continue.
15. On the screen Now, choose how to enter your sales, select Sales section totals.  Select Continue.
16. At the screen Look for your sales on your 1099-B, select Continue.
17. You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your IRS form 1099-B, IRS form 8949 and / or Schedule D Capital Gains and Losses for the amounts and category. When finished, select Continue
18. You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
19. When completed, close the record and click Continue.
20.  At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document.  Select Continue.
21. When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.

@Dana3502