If you’ve been trading, selling, or earning cryptocurrency on Gemini, you may need to report your transactions for tax purposes. Gemini issues 1099 forms to eligible users, summarizing their taxable income. Understanding how to access your Gemini 1099 and what to do with it can help ensure compliance with IRS regulations. Here’s everything you need to know.
What Is a Gemini 1099 Form?
A 1099 form is an IRS document used to report various types of income. Gemini issues a 1099-MISC to U.S. users who have earned at least $600 in rewards or staking income. However, Gemini does not issue a 1099-B, meaning you must track and report your crypto trades yourself.
Even if you don’t receive a 1099, you are still responsible for reporting taxable crypto activity on your tax return.
How to Get Your Gemini 1099 Form
To check if you have a 1099 from Gemini:
- Log into Gemini: Visit the Gemini website and sign in to your account.
- Go to the Tax Center: Navigate to Account > Tax Reports.
- Download Your 1099: If eligible, you will find a 1099-MISC form available for download in PDF format.
- Review Your Transactions: Ensure all reported income matches your records before filing your taxes.
If you do not receive a 1099, you can still download your full transaction history to manually calculate and report taxable events.
What to Do With Your 1099 Form
Once you have your Gemini 1099, follow these steps:
- Import It Into Tax Software: Platforms like TurboTax, CoinTracker, or Koinly can help automate tax reporting for crypto transactions.
- Report Capital Gains and Losses: If you sold or traded crypto, you need to report your capital gains or losses. Short-term gains (held under a year) are taxed at higher rates than long-term gains.
- Declare Staking and Rewards Income: Any income from staking or promotions is taxable as ordinary income.
- Consult a Tax Professional: Crypto tax laws are complex, and professional guidance can ensure accurate filing and potential deductions.
Final Thoughts
Even if Gemini does not issue you a 1099 form, you are still required to report your cryptocurrency earnings and capital gains. Keeping track of your transactions and filing your taxes correctly will help you stay compliant and avoid IRS penalties.