Please i answer "No" on cryptocurrency trade question on 1040 tax form. Tried all methods but can't seem to find a solution. Please help.

[EbonyL122824]

Can you please provide more details as to what the issue is and what you are trying to do so that we can better assist you?

[mnidannydang2211]

Sorry my question was insufficient. So i accidentally answer :" No" on question : At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? And i already submitted the tax application. Now i want to change it to yes but i have looked all over the place and find no option that i can change. I tried using Window software but it keeps giving me error. What should i do?

[AmyC]

It's in the "Federal" interview in the "Income" tab.

1. Click "Federal" in the left hand menu
2. Click "Income" tab at the top of the page
3. Scroll to the bottom of the income summary page
4. Click "Wrap up income" 
5. Click "Continue" until you arrive at the "Virtual Currency" question

See  IRS FAQ for help answering.

[mnidannydang2211]

I can't see federal in left hand menu there is nothing there.

[Katina S]

Since your return has already been accepted by the IRS, you would not see the option as previously mentioned. Once your submitted return has been processed by the IRS, you can file an amendment to address the issue of not answering yes to receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency. 

@mnidannydang2211

[mnidannydang2211]

Would that affect me some sort if i do not make ammend it?

[Katina S]

Depending on the actual value of your sales or trades, it may or may not have an effect on the outcome of your return. But, because every trade or sale is considered a taxable event, all of these activities must be reported to the IRS, regardless of how it effected your personal finances.

@mnidannydang2211