Are you a Robinhood user looking to file your taxes with TurboTax? Robinhood is a popular platform for trading stocks and cryptocurrencies, and it provides users with a Form 1099 to file their tax returns with the IRS.
This guide will explain how to upload Robinhood taxes to TurboTax, including step-by-step instructions for uploading securities and crypto 1099 forms. So, let’s get started!
Introduction
If you’re a Robinhood user, you may have received a Form 1099 from the platform, which you’ll need to file your tax return with the IRS. The form contains information about the money you made from selling stocks, ETFs, options, and cryptocurrencies, as well as dividends received and disallowed wash-sale losses. To file your taxes on TurboTax, you’ll need to upload your Robinhood tax documents to the software. This guide will show you how to do that in a few easy steps.
What is Robinhood’s Form 1099?
Form 1099 is a tax form used by the IRS to report income that’s not earned from a traditional job. Robinhood issues Form 1099 to its users who generate reportable income from their activities on the platform. The form contains detailed information about the money you made from selling stocks, ETFs, options, and cryptocurrencies, as well as dividends received and disallowed wash-sale losses. The form is also forwarded to the IRS.
How to File Robinhood Taxes on TurboTax
TurboTax is a popular tax filing software that allows you to upload your tax documents from Robinhood. Robinhood makes it easy to upload your 1099 form to TurboTax. However, you may receive more than one tax document from the broker if you trade both stocks and cryptocurrencies. This is because, for tax purposes, the IRS treats stocks, ETFs, and options as securities, and cryptocurrencies as property. Securities and property may be subject to different rules.
Uploading Robinhood Securities 1099 Form to TurboTax
To upload a Robinhood securities 1099 form to TurboTax, follow these simple steps:
- Open the TurboTax software and go to “Wages and Income.”
- From there, select “Stocks, Mutual Funds, Bonds, and Others.”
- Click “Yes” if the software asks if you sold the listed securities.
- When asked to enter your bank name, type “Robinhood Securities.”
- On the next screen, you’ll need to enter your account number and document ID, which are both on the 1099 form.
- Once you’ve entered the details, the form will be imported into the tax software.
Uploading Robinhood Crypto 1099 Form to TurboTax
To upload a Robinhood crypto 1099 form to TurboTax, follow these simple steps:
- Go to the “Wages and Income” screen and select “Cryptocurrency.”
- Answer “Yes” when asked if you traded cryptocurrency.
- Select “Robinhood” and continue.
- For crypto transactions, Robinhood provides a CSV file alongside the 1099 form.
- Upload that file into TurboTax.
FAQs
Q1: Do I need to file taxes if I use Robinhood?
Yes, if your activities on the platform generated reportable income, you will receive a Form 1099 from Robinhood that you need to file with the IRS.
Q2: Can I import my Robinhood tax documents to TurboTax?
Yes, you can securely import your Robinhood tax documents into TurboTax, provided your broker or financial institution participates in the TurboTax Partner program.
Q3: What types of tax forms can I import from Robinhood to TurboTax?
You can import 1099-B, 1099-DIV, 1099-INT, 1099-OID, or 1099-R forms from Robinhood to TurboTax.
Q4: How do I upload my Robinhood securities 1099 form to TurboTax?
To upload your Robinhood securities 1099 form to TurboTax, go to the “Wages and Income” section, select “Stocks, Mutual Funds, Bonds, and Others,” and choose “Robinhood Securities” when asked to enter your bank name. Enter your account number and document ID from the 1099 form, and the form will be imported into TurboTax.
Q5: How do I upload my Robinhood crypto 1099 form to TurboTax?
To upload your Robinhood crypto 1099 form to TurboTax, go to the “Wages and Income” section, select “Cryptocurrency,” and choose “Robinhood.” Robinhood provides a CSV file alongside the 1099 form for crypto transactions. Upload that file into TurboTax.
