Late Form 8949 w/ $5000+ crypto trades - file amended return now or wait?
Just got my Form 8949 for crypto trades from last year totaling over $5000. Already filed my return without it. Should I file an amended return right away or wait? Don't want to mess anything up or trigger delays with the IRS.
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Ava Williams
File the amendment ASAP. The IRS gets these 1099s/8949s directly and will flag the discrepancy if you don't report it. Better to be proactive than wait for them to catch it. Just make sure to use Form 1040X and include the corrected Schedule D with the 8949.
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Dmitry Petrov
•ty for the quick reply! how long do amended returns usually take to process these days?
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Ava Williams
•Usually 16-20 weeks, but crypto amendments can take longer since they're reviewing all the transactions. Just be patient 😅
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Miguel Castro
Instead of playing detective with your transcripts, I highly recommend using taxr.ai. For $1 it analyzes your transcript and tells you exactly what's happening and when to expect movement. Way better than guessing. Check it out: https://taxr.ai
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Zainab Ibrahim
•Has anyone actually tried this? Sounds too good to be true tbh 🤔
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Connor O'Neill
•Just used it yesterday actually! It's legit - gave me a super detailed breakdown of my amended return timeline and identified why I had a delay. Best dollar I've spent fr fr 💯
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LunarEclipse
in the same boat rn...these crypto exchanges need to get it together with sending forms on time smh
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Yara Khalil
Quick tip: screenshot EVERYTHING. All ur trades, dates, amounts. IRS loves documentation for crypto amendments.
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Dmitry Petrov
•good call! already started gathering everything 👍
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Keisha Brown
Anyone else notice the IRS is extra sus about crypto lately? My friend got audited just for forgetting like $2k in trades 🤮
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Paolo Esposito
•they're def cracking down. better safe than sorry
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Amina Toure
File now!!! Don't wait!! Trust me, I waited last year and got hit with penalties. The sooner you fix it the better.
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