Virtual Currency

Enter most retirement income information – such as data related to Roth distributions and rollovers – using the 1099, 8606, and Roth screens.

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.

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.