Hello, I'm just about done with taxes and trying to review and submit, and now it is saying the only error is that the yes/no virtual currency box is not checked for 1040. I'm confused--I never submitted a 1040 form or received one. Is this another word for W2?
I don't see where I can check this box outside of the error fixing tool. Not sure what it means either. I did have some crypto gains, but not enough to receive a form from the crypto exchange so manually entered those gains.
Any idea why this form 1040 error for virtual currency is being triggered? Thanks!
You missed the interview question. Just check it in the error message.
To view the virtual currency question in TurboTax online:
If the question is not answered during the tax interview, the question is asked during Review or Smartcheck.
IRS Publication 17 page 1 states:
Virtual currency.
If, in 2021, you engaged in a transaction involving virtual currency, you will need to answer “Yes” to the question on page 1 of Form 1040 or 1040-SR. See Virtual Currency in the Instructions for Form 1040 for information on transactions involving virtual currency. Do not leave this field blank. The question must be answered by all taxpayers, not just taxpayers who engaged in a transaction involving virtual currency.