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Toulouse7
New Member

Do I need to amend my taxes?

I just submitted my taxes on Sunday (2/11) and they have been accepted by the IRS at this point, but then I checked my mail Monday and received an IRS Form 8949 for digital assets for .21 cents that I sold in Bitcoin to close out an account last year. I didn't even realize I would receive a form for that as I couldn't remember when I did that. Do I need to amend my taxes for such a small amount? Any help would be appreciated. Thanks! 

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2 Replies
ee-ea
Level 15

Do I need to amend my taxes?

No.

DianeW777
Expert Alumni

Do I need to amend my taxes?

No, not if the total income from the Bitcoin cash out was $.21.  Twenty-one cents is not going to change your return results.  If, however, you have a cost basis that exceeds your amount then you may want to amend your return to be allowed any loss. 

 

Keep the document in your file just in case you need it later.

 

If you do need to amend - -

You will be able to access and file an amended return on approximately February 14th (Form 1040-X).  Use the link here to check to see when available:

 

Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.

@Toulouse7 

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