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No 1099B but have form 8949

Forum|Forum|4 years ago
March 2, 2022
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Coinbase says a 1099B was not generated for me because my proceeds were less than $600... but I do have a completed form 8949 for TurboTax.... can (or should) the 8949 be imported into TurboTax without a 1099B?

Best answer by JamesG1

Thanks for that reply... just to be clear.... I double checked the form that Coinbase generated and they provided a file in a format that TTax should have been able to read (2021_8949.turbotax.txf)... is this something still in development with Intuit?

What version of TurboTax are you using?

TurboTax Desktop Premier version is able to upload .txf files at:

File / Import / From Accounting Software / Other Financial Software (TXF file).

H

HelenC12

You won't be able to import Form 8949 into TurboTax but, you can enter the information in TurboTax, that's on the form so TurboTax creates the form.

Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows the short-term transactions (held less than a year) and Part II has the long-term transactions.

When you enter investment sales or exchanges in TurboTax, we'll automatically fill out Form 8949 and transfer the info to Schedule D. You don't need to fill out the 8949 yourself.

To enter your investment sales (the information on Form 8949):

Open (continue) your return in TurboTax.
In the search box, search for investment sales then select the Jump to link in the search results.
Answer Yes to the question Did you sell any of these investments in 2021?
- If you land on the investment sales summary screen , select Add More Sales.
Select Other then Continue.
On the next screen, select the type of sale you had (like second home, collectible, or land) and Continue.
Continue following the onscreen instructions to enter the sale.

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C

cdpaul1952Author

Oh My!!! the 8949 that coinbase generated has 20+ pages of sale and cost-basis detail.... really don't see how I can possibly manually enter that!

CP

D

DianeW777

No need for concern. You can enter the sales in a summary type of action by using the information provided here.

You should separate transactions by holding period -long term from short term. Then you can enter them yourself as two summarized sales.

Long term is a holding period of more than one year and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Columns should be similar to Form 8949 (grouped together by holding period):

Description
Date Acquired
Date Sold
Proceeds
Cost
Gain/Loss

These worksheets can be filed after your tax return is accepted (Form 8949 from CoinBase).

If you are e-filing your tax return, then mail your statements along with Form 8453 to the following address within three days after the IRS accepts your tax return:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet).

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