The IRS has warned about a question that all taxpayers must answer when submitting returns.
Experts say you shouldn’t leave it blank.
What is the question?
The critical question that shouldn’t be skipped can be found at the top of form 1040, Form 1042-SR, and Form 1040-NR. It asks: “At any time during 20221, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Read more about it here.
You’ll either have to check the box that says yes or no. All taxpayers must answer the question, not just those involved with transactional virtual currency.
The deadline for filing individual tax returns this year is April 18.
Failure to file your taxes could leave you with many expensive penalties plus interest.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].