Crypto tax: This is how you change your tax report

Espen Øyan28/03/2022

There can be several reasons why you should update your tax return. Did you perhaps forget to report the crypto you received as a gift two years ago, or was the purchase price you set for crypto deposited to Firi incorrect? Or did you simply not know that cryptocurrencies should be reported in the tax return?

Whatever the reason may be, you can easily make changes to previous tax returns on your own, but only for the last three tax years. This means that, before the deadline for submitting your tax return on April 30, you can make changes for the current tax year, and the two tax years before that. This also goes for corporations, with a tax return deadline of May 31.

You can find more information on cryptocurrency tax at our crypto tax page. There we also explain how Firi's tax calculator works, and where to find it.

Making tax return changes for the last three years

Go to Skatteetaten's page for correction of wealth and income tax for personal taxpayers, and press the button "Submit a correction for previous tax years". This takes you to the login page, and then on to the page "My tax". Continue on to the page "My tax documents" and press to edit the desired tax return.

Only the last three years' tax returns will be available on this page.

Making tax return changes older than three years

If you need to make changes to tax returns older than three years, you have to submit an appeal to Skatteetaten. You have to submit an appeal even if you're the one who has forgotten to report necessary information, not just if you think Skatteetaten has made a mistake.

Go to Skatteetaten's page to appeal against tax assessment, and press the button "Submit appeal for the 2017 income year or earlier". This takes you to the login page, and then on to the Altinn form RF-1117 - Error in the tax return for income year 2017 and earlier. On the first step of the form, verify that your name and contact information is correct. On the second step, select the income year the appeal is for, and then describe what the change or correction is.

Making tax return changes as a corporation

If you run a sole proprietorship (ENK) you can make changes to your tax return in the same way as a private individual. If you submit your tax return through an accounting system, you have to check with the supplier of the system if it supports editing previous tax returns.

If you need to report changes for a private limited company (AS), a new and complete tax return must be submitted through your accounting system or directly in Altinn for the relevant income year. It is not sufficient to re-submit corrected individual forms.

You can read more about tax return for businesses at Skatteetaten.

What happens if I don't submit a correct tax return?

It is your responsibility that accurate and complete information is submitted in your tax return. When it comes to cryptocurrencies, crypto exchanges can't submit information on your behalf like other financial institutions, so you have to pay extra attention and make sure to submit all relevant information.

If you fail to report accurate and complete tax information, and if the missing information gives you a tax advantage, you may be subject to an additional tax. The additional tax is 20% of the tax advantage. This comes in addition to the normal tax, which you will also be required to pay. In serious cases you may be subject to as much as 60% additional tax, in addition to the ordinary rate.

Here's an example to illustrate. You sold bitcoin with a 200.000 kroner profit in 2020, but you failed to report this in your tax return. This means you should have paid 22% tax on the profits, 44.000 kroner. If Skatteetaten investigates and finds you have failed to report this profit, you first have to pay the 44.000 kroner in regular tax, and then an additional tax of 20% on the tax advantage, i.e. 44.000 x 0,20 = 8.800 kroner.

Had you instead proactively made this change in your previous tax return, you still would have had to pay the original 44.000 kroner that you should have paid earlier, but you would have avoided the additional tax of 8.800 kroner. Don't forget, making changes to the tax return may go in your favour as well, if the previously reported values were too high or if you have failed to report losses. This means you may in fact end up getting money back for over-paid taxes in an earlier tax year.