Coinbase 1099: How to Get It & What You Need to Know

If you’ve been trading, selling, or earning cryptocurrency through Coinbase, you may need to report your transactions for tax purposes. Coinbase issues 1099 forms to eligible users, summarizing their taxable activity. Understanding how to access your Coinbase 1099 and what to do with it can help you stay compliant with IRS regulations. Here’s everything you need to know.

What Is a Coinbase 1099 Form?

A 1099 form is an IRS document used to report various types of income. Depending on your trading activity, Coinbase may issue one or more 1099 forms to you. However, since 2021, Coinbase no longer provides 1099-K forms, instead issuing 1099-MISC forms to certain users who have earned at least $600 in rewards or staking income.

Other taxable transactions, such as selling or converting crypto, must be reported using your transaction history, as Coinbase does not issue a 1099-B.

How to Get Your Coinbase 1099 Form

To access your 1099 from Coinbase:

1. Log into Coinbase: Visit the Coinbase website or open the mobile app.
2. Go to ‘Tax Center’: Navigate to Settings > Taxes > Documents.
3. Download Your 1099: If eligible, you’ll see your 1099-MISC form available for download in PDF format.
4. Review Your Transactions: Ensure that all income and transactions are accurately reported before filing your taxes.

If you do not receive a 1099, you should still use Coinbase’s transaction history to manually report taxable events on your return.

What to Do With Your 1099 Form

Once you’ve downloaded your Coinbase 1099, here’s what to do next:

1. Import It Into Tax Software: Platforms like TurboTax, TaxBit, or CoinTracker can help you integrate your crypto transactions with your tax return.
2. Report Capital Gains and Losses: If you sold crypto, you need to report any capital gains (profits) or losses. Short-term gains (crypto held for less than a year) are taxed at higher rates than long-term gains.
3. Declare Staking and Rewards Income: If you earned staking rewards or bonuses, they are taxable as ordinary income.
4. Consult a Tax Professional: Crypto taxation can be complex, so professional guidance can ensure accurate reporting and help maximize deductions.

Final Thoughts

If you’ve used Coinbase for crypto transactions, retrieving your 1099 form and properly reporting your taxable events is crucial for tax compliance. Even if Coinbase doesn’t issue you a 1099, you are still responsible for reporting capital gains and other taxable income. Staying organized throughout the year will make tax season much smoother.