Coinbase 1099-B (Futures) PDF and Turbotax

Forum|Forum|2 years ago
February 1, 2024
2 replies
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Hello, I have received an 1099-B (Futures) form as PDF however turbo tax accepting only 1099-B as CSV not PDF, how can I add it to turbo tax online?

Best answer by JamesG1

In TurboTax Premium Online, you may elect to report summary information and upload a PDF file.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.

You will enter the summary info instead of each individual transaction. Follow these steps.

At the screen Your investments and savings, select Add investments.
At the screen Relax. We got it, select Continue.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
At the screen Which bank or brokerage, enter the information.
Do these sales include any employee stock, enter No.
Do you have more than three sales, enter Yes.
Do these sales include any other types of investments, enter No.
Did you buy every investment listed, enter Yes. Continue.
On the screen Now, choose how to enter your sales, select Sales section totals. Select Continue.
At the screen Look for your sales on your 1099-B, select Continue.
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
You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
When completed, close the record and click Continue.
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.
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.

A screenshot of a computer

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JamesG1Answer

In TurboTax Premium Online, you may elect to report summary information and upload a PDF file.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.

You will enter the summary info instead of each individual transaction. Follow these steps.

At the screen Your investments and savings, select Add investments.
At the screen Relax. We got it, select Continue.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
At the screen Which bank or brokerage, enter the information.
Do these sales include any employee stock, enter No.
Do you have more than three sales, enter Yes.
Do these sales include any other types of investments, enter No.
Did you buy every investment listed, enter Yes. Continue.
On the screen Now, choose how to enter your sales, select Sales section totals. Select Continue.
At the screen Look for your sales on your 1099-B, select Continue.
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
You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
When completed, close the record and click Continue.
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.
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.

A screenshot of a computer

Description automatically generated

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ra_alyAuthor

Employee

Got it, Thank you.

samy016

Just double checking, does entering this as a 1099 gain/loss ensure that the futures trading are tax 60% short-term and 40% long term?

JamesG1

Reporting the summary information of the IRS form 1099-B will report the income as reported on the IRS form 1099-B.

In TurboTax Online, you may enter the summary information instead of each individual transaction. Create a .PDF of the IRS form 1099-B to upload into the software. Follow these steps.

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click the down arrow to the right of Investments and Savings.
Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
Click Add investments.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
At the screen Which bank or brokerage, enter the information. Click Continue.
Do these sales include any employee stock, enter No.
Do you have more than three sales, enter Yes.
Do these sales include any other types of investments, enter No.
Did you buy every investment listed, enter Yes. Continue.
On the screen Now, choose how to enter your sales, select Sales section totals. Select Continue.
At the screen Look for your sales on your 1099-B, select Continue.
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
You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
When completed, close the record and click Continue.
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.
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.