Virtual Currency
Answer the virtual currency question on Forms 1040 and 1040-SR
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If a taxpayer received a coronavirus-related distribution in 2020 and that amount was entered in Drake Tax 2020, information from the 2020 return will update to 2021. If not, enter the 2020 information on the 915F screen in Drake Tax 2021.
IRS Form 1099-K, Payment Card and Third-Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance.
Use the PMT screen to set up automatic fund withdrawal by the IRS, state, and some city departments of revenue.