What is Form 1099-K?

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. You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:

Does Kraken issue Form 1099-MISC?

Yes. Currently, Kraken issues Form 1099-MISC and Form 1099-INT to individual investors. These forms are designed to help you report income from staking, referrals, and loan interest. In addition, the IRS has previously requested and received customer information from Kraken and other exchanges through John Doe Summons.

What are the different types of 1099s?

Types of 1099s: Which 1099 form do I need? Form 1099 is an IRS tax form known as an information return, meaning you fill out the form as a source of information about your business. There are several types of 1099 forms, but the most common is 1099-MISC, which is used to report miscellaneous income.

How do I get my 1099-K corrected?

You should request a corrected Form 1099-K from the PSE/Filer listed on the form. Its name and telephone number are on the form. Also keep a copy of corrected Form (s) 1099-K with your records and retain the purchase or sales agreement that substantiates the timing of the ownership change.