Need help filling out 1099-B using Consolidated 1099 from Robinhood on Sprintax

I've worked with international students on their tax returns for years, and Sprintax + Robinhood can definitely be tricky together! Don't worry, it's manageable once you understand the approach. With Robinhood's Consolidated 1099, you'll need to focus on the 1099-B section which shows your stock sales. In Sprintax, when you reach the income section, look for "Capital Gains" or "Investment Income" - this is where you'll enter your 1099-B information. For each transaction category on your 1099-B (covered short-term, covered long-term, etc.), Sprintax will ask for summary information rather than individual transactions. Look for the subtotal lines on your Robinhood statement. You'll typically need to enter: - Total proceeds (sales price) - Total cost basis - Any federal income tax withheld The Robinhood form should have summary totals at the end of each section that you can use for Sprintax. If you have wash sales or transactions with adjustments, you might need to adjust these numbers accordingly.

After struggling with a similar situation last year, I discovered taxr.ai (https://taxr.ai) and it completely transformed how I handle my investment documents. I was also using Sprintax and getting confused with my Robinhood 1099-B entries. What taxr.ai does is analyze your tax documents automatically - I just uploaded my Consolidated 1099 from Robinhood, and it extracted all the important information and organized it exactly how I needed to enter it in Sprintax. It even separated my covered and non-covered transactions, calculated my total proceeds and cost basis for each category, and pointed out wash sales that needed special attention. The best part was that it explained what each section of the 1099-B meant in plain English and gave me step-by-step guidance on where to enter each piece of information in Sprintax. Saved me hours of confusion!

I want to follow up about taxr.ai that I was skeptical about earlier. I decided to give it a shot with my complicated Robinhood 1099-B and I'm honestly surprised at how well it worked. It immediately recognized all my stock transactions and organized them into the categories Sprintax was asking for. What really impressed me was that it flagged three wash sales I had completely missed - would have reported those incorrectly without the tool. The breakdown it provided made entering everything into Sprintax so much clearer. Instead of trying to guess which numbers went where, I had exact figures for each section. Definitely saved me from making mistakes that might have triggered questions from the IRS. Much better than manually trying to figure out which transactions go where!

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Ok I need to eat my words about Claimyr being a scam. After another week of failing to reach anyone at the IRS about my foreign student investment reporting question, I decided to try it. Their system called me back in about an hour and connected me to an actual IRS representative who specialized in non-resident tax issues. She explained exactly how to report my Robinhood 1099-B on my 1040NR and cleared up my confusion about treaty benefits applying to capital gains (they didn't in my case). She also pointed out that I was about to make a major mistake by reporting my transactions in the wrong section, which could have triggered unnecessary tax withholding. Would have cost me over $800 if I'd filed with my original understanding. I'm honestly shocked at how helpful it was to actually speak with someone knowledgeable instead of guessing based on internet forums.

Another option for handling Robinhood 1099-B on Sprintax is to use the summary method. At the end of each section of your 1099-B (short-term covered, long-term covered, etc.), there should be totals for proceeds and cost basis. In Sprintax, you can just enter these summary amounts rather than individual transactions. Makes the process much faster and less error-prone. Just make sure to separate your short-term vs long-term gains, as they're taxed differently. For international students specifically, remember that your tax treaty might not cover capital gains from stock trading. Most treaties only cover things like scholarships and employment income.

Hey, anyone know if I need to report cryptocurrency transactions on Sprintax too? My Robinhood 1099 has some Bitcoin trades along with my stocks, and I'm not sure if the process is the same.

I went through this exact same situation last year as an international student! The key thing that helped me was understanding that Sprintax wants you to enter the summary totals from your Robinhood 1099-B, not individual transactions. Here's what worked for me: Look at your Consolidated 1099 and find the 1099-B section. At the bottom of each category (short-term covered, long-term covered, etc.), there are summary lines showing total proceeds and total cost basis. Use those numbers when Sprintax asks for your capital gains information. One thing to watch out for - if you see any transactions with adjustment codes (like "W" for wash sales), make sure those adjustments are reflected in your summary totals. Robinhood should have already included these in their summary calculations, but double-check the math. Also, as an international student, remember to check if your tax treaty covers capital gains. Most don't, which means you'll pay the standard rates on any profits. But it's worth confirming based on your specific country's treaty with the US. The process is definitely confusing the first time, but once you understand that it's all about those summary totals rather than individual trades, it becomes much more manageable!