Is there a default to "No" setting for the Virtual Currency question in Lacerte?

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Lacerte Tax

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itonewbieAnswer

Level 15

It is already defaulted to no. Nevertheless, there're concerns that this could easily be missed for those who are not otherwise required to file Sch 1, if not for a "Yes" to this question.

---------------------------------------------------------------------------------Still an AllStar

itonewbieAnswer

Level 15

It is already defaulted to no. Nevertheless, there're concerns that this could easily be missed for those who are not otherwise required to file Sch 1, if not for a "Yes" to this question.

---------------------------------------------------------------------------------Still an AllStar

W

webstertaxAuthor

Level 2

Thank you for the answer. I will disregard this diagnostic from now on unless the client did have cryptocurrency. 2 things threw me off:

1. It is mentioned in the info diagnostics to please address (I guess this happens with foreign bank account authority too or at least in the Analysis part). and

2. I thought the (O) symbol meant that it is an Override to choose this option...not that choosing this option is itself an override if that makes sense. It seems backwards to me.

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