There was another post about this ... when Turbo Tax asks you if you had any transaction with cryptocurrency, I answer yes, and the question doesn't advance any further. It just recorded the answer somewhere. Another posted mentioned that they tried for hours and could never get that question to reappear. Someone said you only get one shot at answering it, and if you move past it, you can't bring it up again. I didn't move past it. I answered YES, and then nothing happened.
I had just an initial deposit into Robinhood in December for $150, and then bought a little. Never sold in December. And 1 free stock worth $5 was provided via Robinhood.
Any thoughts on what I should do now?
TurboTax asks about cryptocurrency because there is a question on Form 1040 asking whether you bought or sold any cryptocurrency. Answering the question in TurboTax just checks Yes or No on the 1040.
If you sold or otherwise disposed of any cryptocurrency you have to report that as an investment sale. If you didn't sell anything, you have nothing to report and you don't have to do anything.
You probably should have reported the $5 stock as income, but it's not necessary to file an amended return for a difference of $5. The IRS is not going to bother you about it.
Go to the following links on the IRS web site for more information about taxes on cryptocurrency.
Frequently Asked Questions on Virtual Currency Transactions