IRS Virtual currency question

[Tom9676]

I completed a tax return did check for errors none found, saved, and e-filed the return. Then at later date decided to save the file to another hard disk location when I hit save I received error that i need to check mark the Virtual Currency question.  IRS has accepted the return will this hold up refund? Will I need to do amended return? Should have the software caught this before I filed?

[GiseleD]

It is unknown if this will impact your refund. This is a brand new question on Schedule 1 for tax year 2019, so it is unknown how the IRS will approach this omission. To be 100% safe, I would recommend amending your return to answer this question and add in any applicable crypto activity. 

Read on for instructions on how to amend:

1. Sign in to TurboTax.
2. Scroll down to Your tax return & documents (you may need to select Show), select 2019 and then Amend (change) return.
   • If you only see the option to amend 2018 or earlier, it's because you can't amend an unfiled 2019 return. Instead, just select Pick up where you left off, make your changes, and disregard the rest of these instructions.
3. Select Amend using TurboTax Online.
4. Carefully follow the instructions. Don't worry if your refund changes to $0. This is normal on amended returns.
5. When finished, we'll give you instructions for printing and mailing your amended return, as amendments can't be e-filed.

Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool.  Please allow at least 16 weeks for the IRS to process your amended return.

Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.