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simonsaba
Returning Member

Virtual Currency Checkbox

When running Smart Check, there is an error saying: 1040/1040SR Wks: Virtual Currency Boxes must be entered. There are three choices: No entry, Virtual Currency Yes Chbx and Virtual Currency No Chbx. When I go to Forms and click Errors, the error description appears at the bottom of the screen but the error is not highlighted on the form. Clicking on the up/down arrow does not show the location of the error. Clicking the up/down agai does take me to an error on another page which is highlighted in red. Clicking the up/down arrow again takes me back to the 1040/1040SR Wks but no error is highlighted. Where is this checkbox located? I used TurboTax on another return and did not see this error. 

7 Replies
eganders
New Member

Virtual Currency Checkbox

What is virtual currency checkbox?  I checked NONE because I have not felt in virtual currency and have never seen it in turbotax before.  What is it all about???

KrisD15
Employee Tax Expert

Virtual Currency Checkbox

That includes Bitcoin and the likes. 

It can be earned and traded.

Below is a link to more information:

 

IRS link about Virtual Currency

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dccox7
New Member

Virtual Currency Checkbox

There is a small check box that is highlighted red that you need to check. I did the same thing, I couldnt find what it wanted me to do. But it is there..

dennisggilman
New Member

Virtual Currency Checkbox

I got this error:

 

Check This Entry

1040/1040SR Wks: Virtual currency check boxes must be entered.

 

Three checkboxes are available. They are No Entry, Virtual Currency Yes Chbx and Virtual Currency No ChBx.

 

App does not point to the location of this error.

 

Sincerely,

Dennis

 

DianeW777
Employee Tax Expert

Virtual Currency Checkbox

To find the cryptocurrency/virtual currency question, click the "magnifying glass, upper right to Search > Type cryptocurrency > press enter

Select the "Jump to cryptocurrency" link to get the question "Did you sell or trade cryptocurrency in 2020?"

amanda-salvarani
Level 1

Virtual Currency Checkbox

I have "Turbotax Home and Business" and I don't see a magnifying glass to Search. I need to find that crypto currency question. I must have answered "no" initially because I see a "no" answer in the forms view. But I need to change that and can't figure out how to find that question. Please help.

BillM223
Employee Tax Expert

Virtual Currency Checkbox

In TurboTax Home and Business the Search box is located in the grey bar, below the blue bar at the top right of your screen. This is for Windows, at least.

 

If you have a Mac, look in the Topics List for the search word instead.

 

Note, as dennisggilman said above, if you don't find the question in the Step-by-step, when you go through the Review, TurboTax will ask you about cryptocurrency transactions.

 

@amanda-salvarani

 

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