☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Feb 15, 2022 2:19:13 PM

We stopped importing your sales because you've reached our transaction limit for either non-covered sales (4,000) or for all sales total (10,000).

This is regarding cryptocurrency - I  do have more than 4,000 non covered sales

So they say to do this next:  

Here's what to do next:

"Delete the sales we've imported.
Add sale section totals instead."

The problem with this is once you are under the 'crypto (1099-B)' section to enter manually they do not have a sales total section like they do under the 'Stocks, bonds, etc.  (1099-B)' section and only asks me to enter each sale individually which again I can't because I have over 4,000 non-covered sales.  

So there is no way to do a sales total properly ( I probably could finagle it somehow to accurately calculate proceeds and costs but not necessarily correct dates) for crypto and there is no way to import 4000 plus non-covered sales.

This is creating a loop in which I can't accurately complete my crypto transactions

0 6 3242
6 Replies
Expert Alumni
Feb 15, 2022 4:29:35 PM

You can enter them in to the sales sections even though your crypto statement doesn't break them out that way.

 

The four sections are -

 

  • Short term covered (owned the crypto for less than a year and the basis amount that was reported to the IRS is correct)
  • Short term non-covered (owned the crypto for less than a year and the basis amount that was reported to the IRS is incorrect or wasn't reported at all)
  • Long term covered (owned the crypto for more than a year and the basis amount that was reported to the IRS is correct)
  • Long term non-covered (owned the crypto for more than a year and the basis amount that was reported to the IRS is incorrect or wasn't reported at all)

With crypto (and 4000 transactions) most of your totals will fit in the first two.  The IRS will get the statement so you don't have to worry about them being unable to match this stuff up.

Level 2
Feb 15, 2022 5:28:52 PM

Hi and thanks so much.

 

I would love to do that but there is no option to do totals so those four sections for totals do not come up.

 

After a little more trial and error It seems I'm not getting those options because I did not get a 1099-B so I answer NO to the next question.  I did however answer yes to see what happens and the totals do come up but then they want me to upload a 1099-B which I do not have.   However it does look like cointracker  provides a consolidated and full 8949 form.  Could I substitute that instead when it says upload the 1099-B form?  

 

Did you get a 1099-B from CoinTracker?

If so, this is the best way to enter your crypto info. You might find it on their site or a link to it in an email.
Yes
No
No problem, we can use other info.
I don't know
 
Here is how the format looks if you hit NO : (They want you to do one by one which is impossible even if I wanted to because of the transaction limit)
 
"Now, enter one sale for CoinTracker
If you have more than one, we'll do them after.
 
What type of investment did you sell? 
 
 
How did you receive this investment?
 
 
Description 
 
Example: .04369 BTC
When did you receive this investment?
The date this investment was acquired 
 
 
Something other than a date 
 
Date sold or disposed 
 
 
Proceeds 
 
 
Cost or other basis 
 
 
"
 

 

 
 

Expert Alumni
Feb 15, 2022 6:35:07 PM

Yes, you can substitute the form that cointracker provided for the 1099-B.  Sorry, should have told you that in the last post. 

 

You have to tell it you have a 1099-B and then upload the forms that you have as attachments so the IRS can see all of your transactions.

 

There.  Fixed it.

Level 2
Feb 15, 2022 7:00:40 PM

Ok thanks, I will do that.  I just thought it would be more specific to the forms requested.  

Returning Member
Apr 11, 2022 2:45:54 PM

Hello,

 

How do I tell it I have another 1099-B, and then upload it as attachments?  I don't see how to do this.

 

Thanks

J

Expert Alumni
Apr 13, 2022 6:10:14 PM

The program has 2 limitations. One, is a transaction limit of  2,000 transactions. Second, On all returns, 1099-B Quick Entry Table Cost/Basis input is giving an error for values above 21,474,836.47. 

 

Instead, you can manually type in a summary of one or all 1099-B forms. You can enter 4 lines and cover the form(s).

Enter the totals for each:

  • short term covered
  • short term non-covered
  • long term covered
  • long term non-covered

When you enter summary data only,  you are required to send a copy of your 1099B to the IRS. Once you submit your electronic copy, TurboTax prints out a cover letter and instructions on where to send a copy of your 1099B.

 

@Jay2244