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April 7, 2022
Question

virtual currency question at end of income section if only a purchase in IRA

  • April 7, 2022
  • 1 reply
  • 0 views

In 2021, one purchase was made in my husband's IRA for a crypto index fund.  He did receive a K-1, and a previous section of TurboTax specified that the K-1 was not reported because it was held within an IRA.  How do I answer the question in TurboTax at the end of the income section that asks "did you acquire any virtual currency in 2021?"  It was aquired, but was in an IRA. 

    1 reply

    AmyC
    Employee
    April 7, 2022

    The IRS changed the rules around that question so that purchasing the virtual currency and holding it as an investment can be answered no.

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