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US Report Guide - IRS Form 8949 & Schedule 1 (Form 1040)
US Report Guide - IRS Form 8949 & Schedule 1 (Form 1040)

How Crypto Tax Calculator generates your IRS Form 8949 & Schedule 1 (Form 1040)

Layla Huang avatar
Written by Layla Huang
Updated over a week ago

Crypto Tax Calculator produces IRS Form 8949 & Schedule 1 (Form 1040) for our US users. You can also go to our US Tax Guide 2022 for in-depth information.

Generate IRS Forms

After importing and reconciling all your transactions, ensure your Tax & Portfolio settings are all set, and the report has been refreshed. On the Reports page, choose the Financial Year and Inventory Method.

Then click 'Generate form'.

Note: The IRS Forms are unavailable until the chosen financial year ends.

This will open up a window where you can enter your name and SSN (Social Security Number) or TIN (Taxpayer Identification Number). This information will be printed on the generated forms. After that, follow the prompts to download your IRS forms.

Note: Form 8949 might take longer to generate, but this shouldn’t take longer than 5 minutes.


Form 8949 - Sales and Other Dispositions of Capital Assets

Short Term Gains

The name and SSN/TIN you fill in before downloading the report will show on the report, like in the image below.

Part I is your short-term capital gain report. Crypto tax is under the category (C) Short-term transactions not reported to you on Form 1099-B.

Section 1 is filled out with the same results as your Capital Gains Report.

The below image is a sample of the Crypto Tax Calculator Capital Gains Report (Short-Term).

(a) Description of property

This includes the Quantity and Currency on your Capital Gains Report.

(b) Date acquired

The date you Bought the currency.

(c) Date sold or disposed of

The date you Sold the currency.

(d) Proceeds (sales price)

Same as Proceeds.

(e) Cost or other basis

Same as Cost.

(h) Gain or (loss)

Same as Gain or Loss.

Section 2 is the total (d) Proceeds, (e) Cost or other basis, and (h) Gain or (loss) of this page.

Note: Each page only shows the totals of that single page. Crypto Tax Calculator Capital Gains Report should be submitted with your Form 8949 if required.

Long Term Gains

The name and SSN/TIN you fill in before downloading the report will show on the report like the image below.

Part II is your long-term capital gain report. Crypto tax is under the category (F) Long-term transactions not reported to you on Form 1099-B.

Section 1 is filled out with the same results as your Capital Gains Report.

The below image is a sample of the Crypto Tax Calculator Capital Gains Report (Long-Term).

(a) Description of property

This includes the Quantity and Currency on your Capital Gains Report.

(b) Date acquired

The date you Bought the currency.

(c) Date sold or disposed of

The date you Sold the currency.

(d) Proceeds (sales price)

Same as Proceeds.

(e) Cost or other basis

Same as Cost.

(h) Gain or (loss)

Same as Gain or Loss.

Section 2 is the total (d) Proceeds, (e) Cost or other basis, and (h) Gain or (loss) of this page.

Note: Each page only shows the totals of that single page. Crypto Tax Calculator Capital Gains Report should be submitted with your Form 8949 if required.


Schedule 1 (Form 1040) - Additional Income and Adjustments to Income

The name and SSN/TIN you fill in before you download the report will show on the report like the below image.

Your Total Net Profit from derivative trades will be filled in item 8z as "Income from Cryptocurrency" in this form.

The below image is a sample of the Crypto Tax Calculator Derivative Trading Report.

Note: Crypto Tax Calculator Derivative Trading Report should be submitted with your Schedule 1 (Form 1040) if required.

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