In this article, we'll talk through the different types of tax forms you may be expected to provide to the IRS. This includes form 1099-B, form 1099-MISC, TaxBit Income Report, forms 8949.
Included in this article:
- Form 8949
- File types
- Network plan users
- Basic, Plus, and Pro plan users
- Income report
The form 8949 is the most common form generated on TaxBit by our users, this is because the IRS expects everyone who disposes of digital assets to provide a form 8949. Depending on the type of plan you have, you may receive a few different options for downloading this form from the TaxBit app on the Taxes page
(How to download your tax forms).
When you download forms 8949, TaxBit will give you several options to choose from depending on what you need. The file downloaded will be a folder that contains the forms included in your subscription.
- Turbotax Online CSV
- Turbotax Desktop TXF
- TaxAct CSV
Network plan users
If you are using our TaxBit Network Plan you will receive one form 8949 for each source of data that you've completed disposals on that's joined the TaxBit Network (What exchanges are in the TaxBit Network?). If you've completed transactions on exchanges that are not a part of the TaxBit Network, you will be prompted with a notification on what exchanges are not a part of the TaxBit Network and you can decide if you would like to download just the forms 8949 that are included in your plan, or if you would like to upgrade your plan to include your out of network sources of data. You can see this screen in the screenshot below.
Basic, Plus, and Pro plan users
All of our paid plan users will receive their forms 8949 as well as a consolidated form 8949 with all of their exchange data. You can submit your consolidated form 8949 to your tax filing software or CPA and it will include all of the data from all of the separate data sources.
If you received any income that is reported in your TaxBit account, the income report is available to download in CSV format. The income report will provide you with a list of individual income transactions, and the corresponding USD value of the received assets. The income report is not an IRS tax form, because it is the responsibility of the source of that income to provide a tax form when certain thresholds are met.