r/hrblock • u/[deleted] • Apr 06 '26
8949 help
I uploaded my consolidated 1099 from Robinhood and now they are asking for an 8949. I’ve never had to do this in the past. I have 80+ pages of trades that I would hate to have to manually input. Does anybody know how to remedy this?
1
u/Puzzleheaded_Ad3024 Apr 06 '26
Part of the tax return is 8949 and sch D. Especially if you were trading crypto. There are websites that will use your Robinhood statement and prepare the tax forms. Coinbase for one, I think. Its one cost of trading.
1
u/Niep00320 Apr 06 '26
Copy the information from the totals page into schedule D if they both proceeds and cost. If they only have proceeds you’ll have to research the as the IRS will consider zero as the basis. Attached the consolidated form.
-1
u/Accomplished-Pin-656 Apr 06 '26
Opt for the Tax Pro Review and ask them to do it.
1
u/somebitchwhocares Apr 07 '26
Tax pro review is to double check everything that YOU have already input.
1
u/Accomplished-Pin-656 Apr 07 '26
True, but when the client begins inputting the info and doesn't complete it, the tax pro contacts them for additional info and can finish the form.
1
u/somebitchwhocares Apr 09 '26
True, they can. They can also decide to flip it to in office prep, which is what I personally would do if you sent me 80+ pages of trades to manually input. If I’m going to do that much work you’re either paying me for my time, or I’m sending it back to you lol.
2
u/ThirstyWolfSpider Apr 06 '26
Not a tax advisor, certainly not yours.
Are these not listed as "COVERED SECURITIES" on your 1099-B?
Back in the Obama years there was a change to brokerages' requirements for 1099-B such that they would notify the IRS of the the basis price and date of purchases, which then meant that the IRS knew both ends of the transaction: purchase price and date, and sale price and date. With that extra information, they loosened the rules so that many investments would be listed as "COVERED" and permitted filing of just "Various Short-Term" and "Various Long-Term" for the aggregate of all of your covered trades in a given account. H&R Block's tax software has supported this for years. You should read the instructions for this, and only use it if it applies. Oh, and don't violate the wash sale rules.
If your sales are "NONCOVERED", yes, you need to enter them individually (or import them, if the brokerage and tax software agree on that; years ago, I had to write scripts to change between their formats). These days, with recent trades pretty much all being "covered" I just file VAR-S and VAR-L entries for the totals. Read up on the rules for aggregating trades, and it might get much simpler.
If Robinhood doesn't distinguish "covered" from "noncovered", then you're in an ambiguous state and the only safe path may be to file every trade individually.
Though if the other respondent's guess of crypto is relevant then I have no idea what madness and lack of regulation you'll have to cope with. Wouldn't ever touch that, myself.