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?
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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.
I believe they said it would default to no if left unanswered
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.
Ah, makes PERFECT sense. Many Thanks @RollTide68 and @rrg27 !!
I believe they said it would default to no if left unanswered
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.
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. 🙂
@garman22 Yeah, defaulting that to no makes it easier to slip through the cracks in the heat of the busy season.
I agree, a lot of return returns will be filed without checking this box, since they won't go to Schedule 1 and look for it.
Right you are on all counts, but final review tells you about it anyhow..I was interpreting that highlight as meaning that you somehow had to check the NO box, but you cant (solid dark border)
What do you if you don't have Schedule 1 activity and still have to check the box because of virtual?
Art Robinson WAMS
What do you if you don't have Schedule 1 activity and still have to check the box because of virtual?
Art Robinson WAMS
You can check the box on the 1040/1040SR Worksheet Schedule 1 section
You can check it on the 1040/1040SR worksheet (not on Schedule 1). Then it will be checked on Schedule 1. What happens on an e-filed return, I have no idea, but at least if you print out the return it will be marked to protect you.
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