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April 1, 2025
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How to I change my answer to the Digital Asset question? I am using the Online Premium version.

  • April 1, 2025
  • 1 reply
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    Best answer by DianeW777

    Follow the steps provided by our amazing Tax Expert @JamesG1 and printed here for your convenience.

     

    In TurboTax Online  the question may be found by: The Digital Assets question

     

    • Down the left side of the screen, select Wages & Income.
    • Scroll to the bottom of the screen and select Done with income.
    • Continue through several screens until you reach the screen Did you have a financial stake in a digital asset?

     

    In TurboTax Desktop: Wages & Income or Personal Income

     

    • Scroll to the bottom select 'Done with Personal Income'
    • Continue to the screen 'Did you have any financial interest in a digital asset in 2024?'

    IRS FAQ here explains:

     

    Checking “Yes”: Normally, a taxpayer must check the "Yes" box if they:

     

    • Received digital assets as payment for property or services provided;
    • Transferred digital assets for free (without receiving any consideration) as a bona fide gift;
    • Received digital assets resulting from a reward or award;
    • Received new digital assets resulting from mining, staking and similar activities;
    • Received digital assets resulting from a hard fork (a branching of a cryptocurrency's blockchain that splits a single cryptocurrency into two);
    • Disposed of digital assets in exchange for property or services;
    • Disposed of a digital asset in exchange or trade for another digital asset;
    • Sold a digital asset; or
    • Otherwise disposed of any other financial interest in a digital asset.

     

    1 reply

    DianeW777Answer
    April 1, 2025

    Follow the steps provided by our amazing Tax Expert @JamesG1 and printed here for your convenience.

     

    In TurboTax Online  the question may be found by: The Digital Assets question

     

    • Down the left side of the screen, select Wages & Income.
    • Scroll to the bottom of the screen and select Done with income.
    • Continue through several screens until you reach the screen Did you have a financial stake in a digital asset?

     

    In TurboTax Desktop: Wages & Income or Personal Income

     

    • Scroll to the bottom select 'Done with Personal Income'
    • Continue to the screen 'Did you have any financial interest in a digital asset in 2024?'

    IRS FAQ here explains:

     

    Checking “Yes”: Normally, a taxpayer must check the "Yes" box if they:

     

    • Received digital assets as payment for property or services provided;
    • Transferred digital assets for free (without receiving any consideration) as a bona fide gift;
    • Received digital assets resulting from a reward or award;
    • Received new digital assets resulting from mining, staking and similar activities;
    • Received digital assets resulting from a hard fork (a branching of a cryptocurrency's blockchain that splits a single cryptocurrency into two);
    • Disposed of digital assets in exchange for property or services;
    • Disposed of a digital asset in exchange or trade for another digital asset;
    • Sold a digital asset; or
    • Otherwise disposed of any other financial interest in a digital asset.

     

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    April 4, 2025

    I didn't get the Digital Asset question, but I did get a question on Financials which I answered yes to.  By answering yes to the question on Financials, my Digital Asset answer was changed from no to yes.   Thank you