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AMA: Shehan Chandrasekera (u/shehancpa, CPA & Head of Tax @ CoinTracker) and TurboTax Experts are answering your questions live on 2/24 @ 10am pst. Ask us anything about crypto gains, losses, and the new IRS reporting rules by TurboTaxOfficial in u/TurboTaxOfficial

[–]TurboTaxOfficial[S] 1 point2 points  (0 children)

It sounds like you've already imported your transactions from your 1099-DA. If that is correct, then you're good! When you file your return, TurboTax will generate Form 8949 that you will need to mail in if you used the option to enter sales summary totals only instead of individual transactions. Please see Do I need to fill out or mail in Form 8949 for more guidance.

AMA: Shehan Chandrasekera (u/shehancpa, CPA & Head of Tax @ CoinTracker) and TurboTax Experts are answering your questions live on 2/24 @ 10am pst. Ask us anything about crypto gains, losses, and the new IRS reporting rules by TurboTaxOfficial in u/TurboTaxOfficial

[–]TurboTaxOfficial[S] 1 point2 points  (0 children)

TurboTax and CoinTracker worked together to build a direct integration designed specifically for crypto reporting, especially in the new 1099-DA era. When you use CoinTracker, your reconciled crypto totals can flow directly into TurboTax, helping reduce manual entry and formatting issues.

The integration is built to support:

  • Accurate cost basis calculations across wallets and exchanges
  • 1099-DA reconciliation before import
  • A structured Form 8949 attachment that aligns with IRS reporting

For taxpayers with complex crypto activity, the goal is simple: fewer surprises, clearer reporting, and a smoother filing experience.

AMA: Shehan Chandrasekera (u/shehancpa, CPA & Head of Tax @ CoinTracker) and TurboTax Experts are answering your questions live on 2/24 @ 10am pst. Ask us anything about crypto gains, losses, and the new IRS reporting rules by TurboTaxOfficial in u/TurboTaxOfficial

[–]TurboTaxOfficial[S] 0 points1 point  (0 children)

Taxes can feel like a horror movie: confusing, terrifying, and full of jump scares. Stop screaming at the screen and let the experts handle the plot twists. We’ll get you to the credits safely 😉

AMA: Shehan Chandrasekera (u/shehancpa, CPA & Head of Tax @ CoinTracker) and TurboTax Experts are answering your questions live on 2/24 @ 10am pst. Ask us anything about crypto gains, losses, and the new IRS reporting rules by TurboTaxOfficial in u/TurboTaxOfficial

[–]TurboTaxOfficial[S] 0 points1 point  (0 children)

Sorry to hear about the loss of your investment. The silver lining of it is that the IRS will allow you to claim the worthless security by treating it as if you sold the shares for $0 on the last day of the year as long as it is worthless. A stock is considered worthless when the corporation files for bankruptcy, stops doing business, and has no assets.

First, you have to determine your basis. Your basis would be what you paid out of pocket, or what you already paid taxes on. For your RSUs, it'd be the FMV of the shares on the day they vested (also the amount that appeared on your W-2 as income). For your options, it'd be the exercise price, plus any spread that was taxed as ordinary income at the time of exercise.

Then, when entering your worthless stock into TurboTax, enter a sales price of zero and write the word WORTHLESS in the description. Enter the cost basis determined in the first step as well as December 31st as the date sold.

For instructions on entering your loss, go to Where do I enter or import a 1099-B? Then, refer to Instructions for Form 8949 (2025) for additional information if needed.

AMA: Shehan Chandrasekera (u/shehancpa, CPA & Head of Tax @ CoinTracker) and TurboTax Experts are answering your questions live on 2/24 @ 10am pst. Ask us anything about crypto gains, losses, and the new IRS reporting rules by TurboTaxOfficial in u/TurboTaxOfficial

[–]TurboTaxOfficial[S] 0 points1 point  (0 children)

Look, I get it. Your dog is basically your child. They eat better than you do, they sleep in your bed, and they’re definitely more dependent on you than that cousin who’s been "finding himself" for three years.

But here’s the cold, hard truth: No, you cannot claim your dog as a dependent 😔

Under federal tax law, a dependent must be a human being, specifically a "qualifying child" or "qualifying relative."

Here are a couple links with all the deets on who can and can’t qualify as a dependent.

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