The deadline for filing 2024 taxes is only a few weeks away.

The Internal Revenue Service expects some 140 million income tax returns ahead of the April 15, 2025 deadline. But in addition to making sure your math is correct and you’ve signed and dated your return, there’s another important box you need to make sure is checked.

Everyone who files forms 709, 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120S must check one box answering either “Yes” or “No” to the question involving digital assets. The question has to be answered by all taxpayers, not just those who had transactions involving digital assets in the past year.

Specifically, IRS forms ask, “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”

Failure to answer the question could result in delays on any refunds, the IRS noted.

When should you check “yes?”

The IRS classifies digital assets as property and not currency. It covers a wide range of things but is basically any digital asset that is stored electronically and can be bought, sold, owned, transferred or traded. It includes convertible virtual currencies and cryptocurrencies such as Bitcoin, Stablecoins and non-fungible tokens, or NFTs.

If you didn’t own any digital assets or did not engage in any asset transactions during the year, you can check “no,” the IRS said. If you did have digital assets and used them for a payment or award or sold them or exchanged them, you will answer “yes.”

The IRS has laid out the criteria for answering “no” or “yes” here.

You can see all the IRS frequently asked questions about digital currency and taxes here.