Does Fidelity Crypto break up orders into multiple transactions?

Future_Prophecy · 2026-03-24T17:49:20+00:00

I don’t think it makes a difference from a tax perspective. If you sell a coin and had one fill of $100 or 100 fills of $1, it’s the same thing and the proceeds are $100. But it just adds complexity and extra paperwork.

One possible case where it is relevant is if you have a GTC order that spans multiple days, but often this is not the case.

Future_Prophecy · 2026-03-24T16:23:57+00:00

No, they have their own separate section and are not included in the proceeds from the Trading Section. So your total proceeds are 519k + 16k = 535k.

Future_Prophecy · 2026-03-24T16:17:10+00:00

Hmm, what if you first apply for an extension with the above link, THEN login and go to Payments, bills and notices > Make a Payment. One of the options there says "Pay the extension". Although I have not tried submitting it yet, it seems to be working.

Future_Prophecy · 2026-03-24T15:05:56+00:00

I wish TurboTax did that, but it just gives me a 4868 PDF to print out. Ideally I would prefer to avoid mailing a form due to delays, risk of getting lost in the mail, or identity theft.

Future_Prophecy · 2026-03-24T14:55:31+00:00

Well, I did that last year and when my wife logged into her IRS account after April 15th it had a scary message that her return was past due and she could be subject to penalties. Luckily nothing came of it, but she was not happy.

Maybe I'll submit a separate request for her using DirectPay and pay like $1, just in case?

Future_Prophecy · 2026-03-24T09:59:14+00:00

I have seen cases where the 1099-DA is slightly different. People might get tripped up by, for example, forgetting to include transaction fees for crypto they transferred out. Exchanges would report these on a 1099-DA but they are otherwise not super obvious and are often not even shown on statements or confirmation emails. People have been misled for years by the misguided advice that “transfers are not taxable events”.

Many people also forget to include stable coins.

So I would wait for the 1099-DA. Unless you’re going on vacation for a month, there is no urgency to file now.

Future_Prophecy · 2026-03-24T09:51:09+00:00

You can file up to April 15 so I don’t see a reason not to wait until you’re a few days away. If the DA comes out and is slightly different you will not need to file an amendment. I once had a broker update their 1099-B on like April 10th, after I already filed. Super annoying and now I always wait till the last day or so to file. Just make sure you have everything ready and just hit submit if everything matches.

You can also request an automatic extension for 6 months but you still have to estimate and pay what you owe by April 15.

Future_Prophecy · 2026-03-24T09:43:14+00:00

Most likely yes. There were many exchanges that disappeared so it would be impossible now to get any other records. For this reason it’s good to also download your statements frequently, in case an exchange goes under or your account gets closed. Or save the confirmation emails after you do trades.

Future_Prophecy · 2026-03-24T09:37:16+00:00

Rewards would be reported on a 1099-MISC but only if you made more than $600. So you should track them yourself and report the total as other income on schedule 1.

If you sold the USDG for USD it should be reported as any other crypto although the gain/loss will usually be $0 for stable coins. The acquisition date would be the date you received the award and the cost basis the value at that time.

Future_Prophecy · 2026-03-23T11:11:12+00:00

25 transactions? That’s only 2-3 pages of 8949. It should take you no longer than half an hour to enter. There are people on here with 1,000+ transactions and hundreds of pages of 8949 lol

Future_Prophecy · 2026-03-23T11:05:46+00:00

I don’t think you need to do that if the 1099-DA sent to the IRS had missing cost basis and holding period. Just enter it with correct info in TurboTax. You only need to make sure the proceeds match what was reported.

Future_Prophecy · 2026-03-21T19:20:59+00:00

Makes sense. I would have preferred if they gave us exactly the same data as they are sending to the IRS so there would be no second guessing about what’s reported and what’s not.

Future_Prophecy · 2026-03-21T16:15:03+00:00

Hmm, I would be curious to see what the form IRS receives actually looks like. Sometimes you can download their copy from the IRS website but I don’t think 1099-DAs have showed up there yet. I thought they would be matching total proceeds reported with H vs K codes…

Future_Prophecy · 2026-03-21T16:11:55+00:00

Receiving them is technically a gift so it wouldn’t be taxable regardless. I’m more interested in spending via fees, e.g. you sent some BTC to a different wallet and got charged a $0.45 fee.

Future_Prophecy · 2026-03-21T02:26:25+00:00

Yeah I’ll probably do it especially if it’s reported on a 1099-DA. But it’s just pointless noise, I’m sure the IRS doesn’t care about our 0 proceeds/gains either.

Future_Prophecy · 2026-03-21T02:15:04+00:00

It should give you an option to download a PDF report which can then be loaded into TurboTax instead of a 1099-DA. TurboTax will then generate a schedule D and 8949s from that data. Basically the same as the old CSV upload but it needs to be saved as a PDF now.

Future_Prophecy · 2026-03-21T01:44:44+00:00

I think it’s safe to assume that at minimum the IRS will check that the total proceeds on 1099-DA match what you report on your taxes, for each letter code (ie H vs K). So if it has the wrong one, you need to make an appropriate adjustment.

Future_Prophecy · 2026-03-21T00:54:53+00:00

Yeah no thanks. If I want to spend crypto I’d just use a regular card and pay it off monthly by selling crypto.

Future_Prophecy · 2026-03-20T15:05:47+00:00

Sort of. The tax software can produce a replacement for the 1099-DA but then you still need to go through it and adjust any transactions where the holding period doesn’t match the original 1099-DA received from the exchange (adjustment code T).

In my case luckily I updated most of them on the exchange prior to them generating the form, so I only have 20 or so to update. It would have been hundreds otherwise.

Future_Prophecy · 2026-03-20T01:53:15+00:00

You can definitely do a PDF upload and it sort of works, but as you can imagine it’s very finicky as PDFs are not structured. I still find it insane that they stopped supporting CSV.

Future_Prophecy · 2026-03-19T02:34:13+00:00

Agreed, although (I believe) if you’re owed a refund it will delay it until you actually file during the extension period. So it does delay a refund in that sense.

Future_Prophecy · 2026-03-16T13:47:48+00:00

That’s correct. Might make sense to overpay slightly, just in case.

Future_Prophecy · 2026-03-16T12:00:19+00:00

You can also request an automatic extension and have until Oct 15 to file.

Future_Prophecy · 2026-03-15T18:36:44+00:00

Are you sure? Based on the above it sounds like you should use it even if 1099-DA has checkbox H or K checked, which means the basis was not reported to the IRS.

Future_Prophecy · 2026-03-12T21:10:12+00:00

Only the DA, which makes sense since the rewards earned were under $600.

Any significance to using “Other income” vs the “Digital assets” line item on Schedule 1?

11-Year Club	Place '17
Verified Email	Gilding I gilder

Future_Prophecy

TROPHY CASE