Can't locate box 12 on my Robinhood 1099-b for crypto gains

Thanks for the info. Just to clarify - even if there's no box 12, I still report it as long term capital gains on Schedule D, right? And do I need to fill out any special forms since it's crypto?

Yes, you would still report it as long-term capital gains on Schedule D regardless of whether box 12 is present on your form. The box 12 information is more for IRS processing than it is for determining how you report the gain. For cryptocurrency transactions, you'll use Form 8949 to list the details of your transaction before transferring the totals to Schedule D. Be sure to include the date acquired, date sold, proceeds (sales price), cost basis, and gain/loss. Since it's a long-term gain, you'll check box D at the top of Form 8949 to indicate it was a long-term transaction.

How accurate is it with crypto specifically? I've got transactions across like 5 different platforms and I'm kinda dreading figuring it all out.

Does it handle staking rewards too? I've heard those are reported differently than regular sales.

It's extremely accurate with crypto - I had transactions across Robinhood, Coinbase, and Binance, and it correctly identified and categorized all of them. The platform is designed to recognize the different formatting from various exchanges and extract the relevant tax information regardless of where it appears on the forms. For staking rewards, yes it definitely handles those correctly. The system identifies staking rewards as ordinary income (similar to interest) rather than capital gains, which is how the IRS currently wants them reported. It separates those from your regular buy/sell transactions and puts them in the right category for tax purposes.

Wait how does this actually work? The IRS never answers their phones so I'm confused how a third party service can get through?

Sounds like a scam tbh. No way some random service has a special "cut the line" access to the IRS that regular taxpayers don't have.

The service doesn't have any special access or "cut the line" privileges. What it does is automate the waiting process. Basically, they use a system that calls the IRS and navigates through all the prompts, then stays on hold for you. When a real IRS agent finally answers, the system calls your phone and connects you directly to that agent. It's completely legitimate - they're just handling the waiting part for you so you don't have to stay on the phone for hours. The IRS doesn't even know you're using a service - from their perspective, it's just a regular call that happened to stay on the line until an agent was available. I was able to get specific guidance on my cryptocurrency reporting this way.

Yes! I just double-checked and found it in the supplemental pages! There's a whole separate section for "Proceeds from Broker and Barter Exchange Transactions" that has all the info I need, including acquisition date and cost basis. Thanks for pointing this out - I was only looking at the first page.

Glad you found it! Robinhood's tax documents can be confusing because they combine different forms into one package. That supplemental section is actually the most important part for crypto transactions since it contains all the details you need for Form 8949. Just make sure you're using the correct acquisition dates since that determines whether it's long-term or short-term capital gains.

Yep, happened to me too. The cost basis on my 1099-B was off by about $25 compared to what my actual purchase price was. I had to file a Form 8949 with code B to indicate the cost basis was reported incorrectly to the IRS.