Virtual Currency Question

10 replies
69 views

Is the new virtual currency question a mandatory question that must be checked?

If so, shouldn't there be an error if its not answered?

@IntuitAustin and is there anyone else who actually visits here anymore?

ProSeries Professional

This topic has been closed for replies.

RollTide68Answer

Level 7

It's required if Schedule 1 is part of the return. It will give you an error on the 1040/1040SR worksheet if you have a schedule 1.

RollTide68Answer

Level 7

It's required if Schedule 1 is part of the return. It will give you an error on the 1040/1040SR worksheet if you have a schedule 1.

itonewbie

Level 15

But even if the taxpayer is not otherwise required to file Sch 1 but has engaged in any virtual currency transactions as described, Sch 1 will still need to be filed.

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

G

garman22

Author

Intuit Community Champion

Agreed @itonewbie . I was concerned with the error checking. If its left unchecked and "no" is auto default, Im content. If Sch 1 is present, then error will occur (if I fail to check). If no Sch 1, "no" will be default so no error is necessary. It will be up to us to check the box for yes responses.

I hope that makes sense. 🙂

R

rrg27

Level 2

I believe they said it would default to no if left unanswered

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