topic Re: Update a virtual currency yes/no question in Deductions & credits

Update a virtual currency yes/no question

BAJuliano — Wed, 17 Feb 2021 00:13:37 GMT

I am using the TurboTax premier CD Version.

How do I update the yes/no question for virtual currency on the 1040 form. There isn't a tab that state Income & Expense or wrap income.

Re: Update a virtual currency yes/no question

MarilynG1 — Wed, 17 Feb 2021 00:45:52 GMT

Type 'crytocurrency' in the Search area, then click on 'Jump to cryptocurrency'.

Click this link for Tax Tips for Virtual Currency.

Re: Update a virtual currency yes/no question

BAJuliano — Wed, 17 Feb 2021 00:54:40 GMT

Sadly that does not happen, no "Jump to cryptocurrency" If it was only that easy.

Re: Update a virtual currency yes/no question

BAJuliano — Wed, 17 Feb 2021 01:06:55 GMT

your suggestion to search for "cryptocurrency" in the search window did not generate the response "jump to cryptocurrency".

Re: Update a virtual currency yes/no question

JoannaB2 — Wed, 17 Feb 2021 01:47:11 GMT

Yes you may return to the question while on the income tax return screen. You can follow the steps below:

Click on Federal.
Under Income and Expenses, scroll down and click :" Wrap up Income"
Click and pass optional features until you get to the question, " Did you acquire, sell, or exchange any virtual currency in 2020?".

Re: Update a virtual currency yes/no question

BAJuliano — Mon, 22 Feb 2021 18:26:40 GMT

I am using the CD (desktop) version, There isn't a tab labeled "income & expenses", it's "wage & income".

Re: Update a virtual currency yes/no question

MaryK4 — Mon, 22 Feb 2021 22:09:49 GMT

At the bottom of the "Wages & Income", you will see Done with Income. It will ask you a few follow-up questions, But the Cryptocurrency will be like the second picture below.

Starting this year, the IRS requires taxpayers to indicate if they made any virtual currency transactions during the tax year. Virtual currency includes any type of cryptocurrency.
[Edited 02/22/2021 | 2:09 PM PST]

@BAJuliano

Re: Update a virtual currency yes/no question

BAJuliano — Mon, 22 Feb 2021 20:12:58 GMT

At the bottom of my screen it just states "Done with Income", nothing "Personal" The bottom dialog box asks if "Upgrade Turbo Tax", "Tell Us What You Think" and "Help Others (new)" . Maybe we are looking at two different versions of software. I am using Windows 10, CD version of Tax Year 2020, Premier.

Re: Update a virtual currency yes/no question

BAJuliano — Mon, 22 Feb 2021 20:26:10 GMT

I found that you can go to "Forms" on top right of screen, and update the question on there.

Re: Update a virtual currency yes/no question

ReneeM7122 — Tue, 23 Feb 2021 20:36:51 GMT

You are correct, you can go to "Forms" on top right of screen, and update the question on there. However, be aware that using the Forms mode can negate the 100% accuracy guarantee.

@BAJuliano

Re: Update a virtual currency yes/no question

BAJuliano — Tue, 23 Feb 2021 22:02:22 GMT

That may be, but we still haven't figured out how to do any other way. Previous suggestion did not pan out.

Re: Update a virtual currency yes/no question

mercedes777 — Sat, 10 Apr 2021 18:19:13 GMT

When I go to Forms it does NOT allow me to change it and unfortunately I had accidently clicked yes. I would hate to have to delete the taxes and start all over. please help. Thank you.

Re: Update a virtual currency yes/no question

mercedes777 — Sat, 10 Apr 2021 18:21:50 GMT

Wait! I just figured it out. You go to Forms BUT go to the 1040 work sheet, NOT the actual 1040.