We added a bunch of crypto transactions under Wages and Income and clicking on Crypto. However, Turbotax keeps checking the No box on the Digital Assets question in the 1040 form. Tried different ways of entering/importing this data. Cleared cache and tried it from a different browser also. But generated 1040 keeps the No box checked. Any ideas?
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The Digital Assets question
At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?
is required to be answered on the 2023 Federal 1040 income tax return.
Reporting cryptocurrency income on the Federal 1040 income tax return does not change the answer from No to Yes.
In the Online versions, the question may be found by:
IRS FAQ here explains:
Checking “Yes”: Normally, a taxpayer must check the "Yes" box if they:
Thank you for the steps. We entered the crypto transactions specifically under Wages and income -> Investments. I thought this would cause the Digital Assets question to be answered as Yes. But it is not doing that. Not seeing a Did you have a financial stake in a digital asset? question come up anywhere in the interview. Kind'a lost here. Unable to modify the form directly either in TT Online.
As JamesG1 said earlier, reporting cryptocurrency income under Investment Income in TurboTax does not change the digital assets answer from No to Yes.
Follow the instructions below to review your answers to several questions, including digital assets:
In TurboTax Online:
In TurboTax for Desktop:
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