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Level 2
February 27, 2022
Solved

Cannot Update/Change the Cryptocurrency selection/choice.

  • February 27, 2022
  • 1 reply
  • 8 views

I need to change my original selection regarding whether or not I have done any cryptocurrency activity in the tax year 2021.

I select 'Continue' my return;

 I then select the  'Federal' Tab;

 I select the  'Wages and Income' button;

  I scroll down to the  'Investment Income' section; there is no selection for Crypto (1099-B), so I have no way to change the Cryptocurrency choice I originally erroneously made.  

HELP, please!

 

 

 

    Best answer by RaifH

    To change your answer about cryptocurrency:

    1. Click on the Wages & Income section of your Federal return.
    2. Scroll all the way down and select Wrap up income.
    3. Continue through. The system will ask if you have taken any disaster distributions. The next question is Did you acquire, sell, or exchange any virtual currency in 2021? You can change your answer here.

    If you do have any cryptocurrency sales to report, that must be done in the Investment Income section. If you just need to report to the IRS that you held cryptocurrency as property, then answering Yes to the above question is sufficient. 

    1 reply

    RaifHAnswer
    Level 10
    February 27, 2022

    To change your answer about cryptocurrency:

    1. Click on the Wages & Income section of your Federal return.
    2. Scroll all the way down and select Wrap up income.
    3. Continue through. The system will ask if you have taken any disaster distributions. The next question is Did you acquire, sell, or exchange any virtual currency in 2021? You can change your answer here.

    If you do have any cryptocurrency sales to report, that must be done in the Investment Income section. If you just need to report to the IRS that you held cryptocurrency as property, then answering Yes to the above question is sufficient. 

    Level 2
    February 28, 2022

    Thank  you for your help; it successfully resolved my problem.