Whether you are importing stock transactions or cryptocurrency transactions, this article demonstrates how to use the import function found on the 8949. The import ability allows information from a .csv file to carry into 8949.
Sections in this article:
Step 1 - Create a compatible .csv file.
Step 2 – Import the .csv file data onto the 8949.
Step 1 - Create a compatible .csv file.
Follow the instructions below to successfully create the .csv file:
1. Create a .csv file with the Information to be Imported.
- The format of the spreadsheet should be as follows: (colors used are for display and not required)
🖐 Note: The first row (very top line) needs to contain the exact text above and be in the same order. If this row is missing, the top row of data will not be imported. If there is different text in this row or the rows are in a different order an error will occur when the data is imported, but the import will still proceed and may not reflect all the necessary information.
Naming Conversions for the Top Row
| Close Date | Enter in this column the date you sold or dispose of the property. |
| Rec Type | Separate your capital gains and losses according to how long you held or owned the property. |
| For each type of short-term transaction use A, B, C - The holding period for short-term capital gains and losses is generally 1 year or less. | |
| A | Short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS (see Note above). |
| B | Short-term transactions reported on Form(s) 1099-B showing basis wasn’t reported to the IRS. |
| C | Short-term transactions not reported to you on Form 1099-B. |
| For each type of long-term transaction use D, E, or F - The holding period for long-term capital gains and losses is generally more than 1 year. | |
| D | Long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS. |
| E | Long-term transactions reported on Form(s) 1099-B showing basis wasn’t reported to the IRS. |
| F | Long-term transactions not reported to you on Form 1099-B. |
| Open Date | Enter in this column the date you acquired the property. If you sold a block of stock (or similar property) that you acquired through several different purchases, you may report the sale on one row and enter "VARIOUS" in column (b). |
| Security | You can use stock ticker symbols or abbreviations to describe the property as long as they are based on the descriptions of the property as shown on Form 1099-B or 1099-S (or substitute statement). For virtual currency, include a full name or an abbreviated symbol and the exact amount of the virtual currency involved in the transaction. |
| Shares Sold | Quantity of Shares Sold, Number of Items Included in this Transaction, etc. |
| Proceeds | Enter in column (d) the proceeds shown on the form or statement you received. |
| Cost | The basis of property you buy is usually its cost, including the purchase price and any costs of purchase, such as commissions. |
| Adj Amt G | Enter in this column any necessary adjustments to gain or (loss). |
| Adj Code I | In order to explain any adjustment to gain or (loss) in Adj Amt G, enter the appropriate code(s) in Adj Code I (See codes below). |
| Adj Code J | In order to explain any adjustment to gain or (loss) in Adj Amt G, enter the appropriate code(s) in Adj Code J (see codes below). |
2. Save the spreadsheet as a .csv (comma delimited) file.
Step 2 – Import the .csv file data into the 8949.
Follow the instructions below to successfully import the .csv file data into the 8949:
1. Confirm the .csv file is closed on your pc/device.
🖐 Note: failure to close the .csv file before importing may cause an error in the importing process.
2. Open the tax return.
3. Click Add Form.
4. In the Enter Schedule/Form Number field, type “8949”.
5. Double-click on the form to add it to the return.
6. At the top of the form, click Import.
7. The Import Stock Transactions screen will open.
8. Click on the button to open the Select a File to Import window.
9. Browse to the .csv file created in step 1 and select it.
10. Click on Open to import the file.
🖐 Note: The information will be imported into the 8949.