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Level 3
posted Mar 9, 2022 12:48:29 PM

Virtual Currency

Where in the 'step by step' view do I change my response to actions on virtual currency?  I believe the question was did I 'buy' , sell, exchange, etc. virtual currency?  I bought but did nothing else.  I incorrectly answered 'yes'.  On the IRS forms view, it shows I sold, etc.  How do I fix this to show 'no'.

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1 Best answer
Employee Tax Expert
Mar 9, 2022 1:23:35 PM

You can easily change this in Forms view using TurboTax for Desktop.

  1. Click Forms in the TurboTax header.
  2. Click on 1040/1040SR Wks in the left column to open the form in the large window.
  3. Scroll down to the Presidential Election Campaign question.
  4. The next question asks about virtual currency.
  5. Check either Yes or No, as needed.
  6. Click Step-by-Step to go back to your return.

Note that the question was different last year, which may explain the confusion.

 

If you're using TurboTax Online, go to Income & Expenses, Wrap Up Income at the bottom, and follow the prompts to the virtual currency question (usually right after the disaster distribution question).

2 Replies
Employee Tax Expert
Mar 9, 2022 1:23:35 PM

You can easily change this in Forms view using TurboTax for Desktop.

  1. Click Forms in the TurboTax header.
  2. Click on 1040/1040SR Wks in the left column to open the form in the large window.
  3. Scroll down to the Presidential Election Campaign question.
  4. The next question asks about virtual currency.
  5. Check either Yes or No, as needed.
  6. Click Step-by-Step to go back to your return.

Note that the question was different last year, which may explain the confusion.

 

If you're using TurboTax Online, go to Income & Expenses, Wrap Up Income at the bottom, and follow the prompts to the virtual currency question (usually right after the disaster distribution question).

Level 15
Mar 9, 2022 1:31:13 PM

the correct answer is YES.

you have a financial interest in crypto.