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W2-G and Virtual Currency Transactions

Forum|Forum|3 years ago
March 19, 2023
1 reply
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Question 1: Client has significant number of W2-G's from the same casino. Does every W2-G need to be entered or can the total winnings be input on one copy?

Question 2: Same client has a ton of virtual currency transactions and supplied a filled out 8949 from the site which he traded on. Do I need to input every transaction on 8949 or can they be condensed based on term?

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Best answer by sjrcpa

1.You can combine the W-2G amounts.

2. For noncovered or non 1099-B transactions IRS wants the detail. So enter, import, or enter totals and attach the 8949 client gave you.

sjrcpaAnswer

Level 15

1.You can combine the W-2G amounts.

2. For noncovered or non 1099-B transactions IRS wants the detail. So enter, import, or enter totals and attach the 8949 client gave you.

The more I know the more I don’t know.

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Thank you, SJR. Inputting the totals and then scanning the provided 8949's into the file. Appreciate your response.

Level 15

You're welcome.

The more I know the more I don’t know.