I sold all of my cryptocurrency at once in January of 2021, how do I need to enter in the data for the cryptocurrency worksheets?

[HelenC12]

Since you sold all your cryptocurrency January 2021, you don't enter the information on your 2020 income tax return. You'll enter it on your 2021 income tax return.

To enter, see the following TurboTax FAQ:

• How do I report earnings or losses from Bitcoin and other cryptocurrency?
• How do I report Bitcoin or other cryptocurrency as a capital gain?
• I didn’t receive a 1099-MISC, 1099-B, or 1099-K for my Bitcoin or other cryptocurrency earnings, do ...

[erica-patterson]

@HelenC12  Do I need to remove the stocks that I sold in 2021 off of my file, then file those next year?

[HelenC12]

Yes, if you sold the cryptocurrency January 2021, remove them from your 2020 income tax return and wait to report them on your 2021 income tax return.  You can't combine tax years.

• Most individuals are cash basis, calendar year taxpayers. Under the cash method, income is not counted until cash (or a check or direct deposit) is actually received.