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Has anyone tried using TaxAct's direct crypto import options instead of creating a separate PDF? They supposedly added support for some exchanges, though I don't know if Binance.US is one of them.
I tried the direct import with TaxAct this year for Coinbase transactions and it was a complete disaster. It pulled in incorrect cost basis for several transactions and completely missed others. I ended up having to manually correct everything anyway. I'd recommend sticking with a specialized crypto tax tool to generate your 8949 and then attach it as others have suggested. The built-in imports for crypto are still very unreliable in most tax software.
I just went through this exact process last week with my crypto trades from multiple exchanges. The key insight that saved me hours of frustration is that TaxAct treats the attachment feature differently for crypto than for other investments. First, make sure you're selecting "Category A" instead of Category C if you have any transaction records from your exchange, even without a 1099-B. Category C is really meant for situations where you have zero documentation. Since you have Binance.US records, Category A is more appropriate. Second, as others mentioned, you MUST enter your summary totals in TaxAct's Schedule D section first. Calculate your total proceeds, total cost basis, and total gain/loss from your 15,000+ transactions and enter those numbers. This is what triggers the attachment option to appear later. The attachment option only shows up during the final filing process, specifically in the "Review & File" section, not during preparation. Look for "Supporting Documents" or "Attachments" - the exact wording varies by TaxAct version. One more tip: if your PDF is still large after compression, consider breaking it into multiple smaller PDFs by date ranges. TaxAct allows multiple attachments, and smaller files are less likely to cause upload errors during peak filing times.
This is incredibly helpful! I've been stuck on this same issue and your point about Category A vs Category C just clicked for me. I was also selecting Category C because Binance.US didn't send me a 1099-B, but you're absolutely right - I do have all the transaction records from the exchange itself, so Category A makes more sense. Quick question though - when you say "enter summary totals," do you mean I should manually calculate the grand totals from all 15,000+ transactions first? That seems like it would still be a massive undertaking. Did you use a tool to calculate those totals, or is there a way to get summary numbers without going through every single transaction? Also, thanks for the tip about breaking the PDF into smaller files. I hadn't thought of that approach but it makes a lot of sense for reliability.
I've been preparing taxes for friends and family for over 10 years, and this is a very common misunderstanding. Your federal and state returns are completely separate systems. Many people don't realize that the IRS (federal) and your state's department of revenue are entirely different agencies with different rules, forms, and processing systems. They do share information eventually, but an error on one doesn't automatically affect the other. If your federal return was accepted, it's in process regardless of what happens with your state return. The only time you'd need to worry is if the information you provided on both returns contradicts each other significantly.
Hey Muhammad! I totally get the stress - tax season as a new grad is already overwhelming enough! š Just wanted to echo what everyone else is saying: your federal return is completely safe! Think of it this way - the IRS and your state tax agency are like two different companies that don't share the same computer system. Your federal acceptance has nothing to do with your state error. Since you're just starting out with taxes, here's a pro tip for the future: always double-check your state info before hitting submit, especially things like state ID numbers or addresses. TurboTax is usually pretty good about catching errors, but it can't catch everything. While you're waiting for that state letter, you can track your federal refund progress using the IRS "Where's My Refund" tool. It should show up there within a few days of acceptance. Hang in there - you've got this! šŖ
One more tip for anyone filing last minute - make sure you save/print a copy of your return AND the confirmation page showing it was accepted. Screenshot the confirmation if using your phone. Last year I thought I filed on time but had no proof when the IRS claimed they never received it. Nightmare situation that took months to resolve!
That happened to me too! IRS sent me a failure to file notice even though I had submitted everything. Luckily I had the confirmation email from TurboTax with the exact time and date. Always keep receipts when dealing with the IRS!
Great advice from everyone here! Just wanted to add that if you're e-filing at the last minute, double-check that your software is actually submitting to the IRS and not just saving a draft. I made that mistake a few years ago - thought I had filed but just saved it locally on my computer. Also, if you're really cutting it close and worried about technical issues, consider having a backup plan. Some tax preparers offer same-day service, and while it's more expensive, it might be worth it for peace of mind if you're down to the wire. The October 15th deadline has been a lifesaver for me multiple times. Just remember - if you owe money, you should have already paid the estimated amount back in April to avoid interest charges, even with the extension!
sign up for those email alerts they mentioned! thats how i knew exactly when mine was approved last year
I've been through this exact same situation! Filed through Cash App for NY state taxes last year and got the same "processing" message. It's totally normal - that's just their standard first status for all returns. The fact that you can see your tax year (2024) and form type (IT-201) displayed correctly means Cash App transmitted everything properly to NY state. I'd definitely recommend signing up for those email alerts like others mentioned - that's how I found out when mine was approved. NY typically takes 2-3 weeks to process, sometimes longer during busy periods. Cash App is legit for tax filing, so don't worry about that part!
Omar Fawaz
Have you considered going to your local Taxpayer Assistance Center instead of calling? I had a similar issue last year after my separation and spent hours preparing for a phone call that never connected. I finally made an appointment at my local TAC (you have to call 844-545-5640 to schedule), brought all my documentation (divorce decree, previous tax returns, ID, etc.), and got everything resolved in one 30-minute visit. Just make sure you ask what documents to bring when you schedule. Do you know what specific questions you need answered about your filing status?
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Ravi Kapoor
I went through this exact situation two years ago and want to share what worked for me. The in-person route that Omar mentioned is honestly your best bet if you have a TAC nearby. I tried calling for weeks with no success, but the TAC appointment got everything sorted in one visit. For your specific situation with a divorce finalized last month, you'll definitely want to bring: your final divorce decree, your 2023 tax return if already filed, your ex-spouse's SSN (if you have it), and any documentation about custody arrangements if you have kids. The agent will walk you through whether you should file as Single, Head of Household, or if you need to amend anything. Much less stressful than the phone marathon!
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