Amend to change answer to digital asset question

Forum|Forum|2 years ago
March 11, 2024
2 replies
1 view

Hi all,

Accidentally answered incorrectly on the yes/no digital asset question. I began the amendment process in the turbotax portal but this question was nowhere to be found.

I spoke with a representative over the phone who told me to go through every single income/deduction/etc. module to try to find it. I still could not locate it.

How on earth can I make this very simple update?

Thanks in advance.

TurboTax Premier Online

Cynthiad66

Level 14

After you finish entering details of income click on continue.

Did either of you receive a distribution for a natural disaster from 2019-2022? say yes or no Continue
In the next screen it will ask you
Did you acquire, sell, or exchange any virtual currency in 2023?
Change your answer to yes Continue

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vtax24Author

Level 2

I did that but was not prompted for the question, even after I continued through the advertisements to upgrade my turbotax membership.

Maybe that would have worked before I actually filed my return. I'm trying to do this through the amendment portal.

Cynthiad66

Level 14

If you had sales of digital assets you can amend to include those transactions on your tax return.

There are three ways to enter your crypto in TurboTax:

Import your info directly from your crypto source (this is what we recommend, though it's not available for TurboTax CD/Download)
Upload a CSV file of your crypto transactions
Enter your transactions manually

How to enter your crypto manually in TurboTax Online

How to enter your crypto manually in TurboTax Desktop

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BrittanyS

Level 12

Can you clarify which software you are using? Online or Desktop?

@jperasso

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jperasso

Level 2

I am using online.

Monikak11

Level 2

I'm running into this problem as well. Is someone able to help? I'm not seeing the question when I go back through "continue" after Wages & Income. I'm only getting the foreign currency question. Additionally, I don't see "form mode". Any help would be appreciated.

To answer the digital assets question:

Go to the Wages&Income menu page and select I'll Choose what I will work on if that appears. The full menu will be displayed.
A the bottom of the menu, choose Done with income. Continue for another page or two and you will be able to change your answer.
If you've already made Virtual Currency entries, you would need to remove them first.

In either Online or Desktop, go through the Income menus to the end and the digital assets question is one of the follow-up questions that appear.

See this IRS webpage for more information about reporting digital assets.

@nic_ochoa