In order to generate complete 8949 form (and the Turbotax export), Koinly needs to know if you received a 1099 form from every exchange/service you added to Koinly.
You can import the forms you received on the "Tax Reports" page in the "1099-DA Forms" section, below the summary:
This section will list all the wallets that may have issued a 1099-DA form for you:
Blockchain wallets like MetaMask, Phantom, etc. won't be listed here
Custom wallets you added will be included here
Before you download your reports:
For all exchanges that issued a 1099-DA for you, click the "Upload" button and upload the form they provided
For all other wallets for which you did not receive a 1099-DA, click "Not received"
If you selected the wrong option:
If you made a mistake or want to upload a new document, you can do so by switching to the "Completed" tab and clicking the "Redo" button next to the wallet you want to modify - any document you uploaded will be deleted and the Wallet will go back to the "Pending" tab:
Once all the wallets are imported and there are no Pending items:
You can now download your reports 🥳
The form data will be auto-filled depending (Box H, I, K or L checked) depending on the information you provided.
Be sure to review the data carefully and update data imported to Koinly if you notice any discrepancies.
Comparing 1099-DA and 8949 form
After generating your 8949 form in Koinly, you may notice some discrepancies in the totals reported vs the 1099DA from your exchange. These should be marginal and are caused by differences in how some exchanges report certain transactions. Known causes:
Fees on crypto-to-crypto trades
Koinly adds fees paid to the cost basis of received asset, while some exchanges report them as a deduction from proceeds
Because of this, 8949's proceeds may be higher than on 1099-DA by 0.25%-0.50%
Fee refunds (Coinbase)
Koinly treats fee refunds as cashback, while Coinbase includes them in your proceeds
Because of this, 8949's proceeds may be lower than on 1099-DA by 0.05%-0.10%
Valuation for crypto-to-crypto trades
If the exchange doesn't provide us with the trade's valuation, Koinly will use the market average which may be different than the exchange rate used by the exchange
This issue does not affect Coinbase
Because of this, 8949's proceeds may be higher/lower) by ~0.10%
Minor differences are not expected to cause any issues with the IRS.
What if the difference is larger
Larger discrepancies are usually caused by issues with your data
Trades are not merged correctly
Transfers between your own wallets are not merged correctly
If you believe your data is correct and the issue is with how Koinly reports your transactions on 8949 form, please contact our Support team via our in-app chat.