Does Kraken Report to the IRS?
If you've traded on Kraken in the US, the IRS probably already knows about your investments. Learn how and what Kraken reports to the IRS in our guide.
Kraken issues Form 1099-MISC to users with over $600 in income. The IRS receives an identical copy.
Kraken was ordered to provide information to the IRS for customer accounts that traded more than $20,000 between 2016 and 2020.
Kraken issues 1099-DA to users and the IRS.
Does Kraken report to the IRS?
Yes. Kraken reports to the IRS.
US customers earning more than $600 in income via Kraken, from investments such as staking rewards, receive a 1099-MISC form, and an identical copy goes to the IRS.
You'll also receive a Kraken 1099-DA, reporting on the gains and losses from disposals of crypto.
What does Kraken report to the IRS?
Kraken issues 1099-MISC forms to both users and the IRS. This includes any user with more than $600 in income throughout the financial year.
Beginning in 2026, Kraken will now report disposals (sales, trades, and spends) of crypto.
What counts as income on Kraken?
Any new tokens earned are generally classed as additional income from crypto. For Kraken, this includes staking rewards.
Read our guide to crypto taxes for more information on how crypto is taxed by the IRS.
When will I receive my form?
1099 forms are issued by the end of February, at the latest. This follows the end of the US financial year, which runs from January 1 to December 31, giving you time to file before the April 15 reporting deadline.
How do I get my 1099 Form from Kraken?
You can download your 1099 by going to the documents section on your Kraken profile.
What do I need to do if I receive a 1099 form from Kraken?
If you receive a 1099 form from Kraken, you must report it, and all other crypto income, on your tax return. You should:
Review your form details to ensure personal and investment information is correct.
Calculate your taxes.
Accurately report your gains, losses, and income.
Maintain good records.
Remember, your Kraken 1099-MISC only reports miscellaneous income, so you are still required to report on all capital gains and losses from crypto, including any other income from Kraken and other crypto exchanges and wallets you use.
Does Kraken share other information with the IRS?
Whether you receive a 1099 form from Kraken or not, you are still required to report all crypto transactions to the IRS every tax season. There's a chance that they already know about your Kraken investments, and they can make a legal request for Kraken to share this information with them.
In June 2023, Kraken was ordered by a judge to provide customer information to the IRS to allow the tax agency to investigate under-reported tax liabilities. The IRS requested information on all customer accounts that traded at least $20,000 in cryptocurrency in any single year between 2016 and 2020.
Does Kraken report conversions to the IRS?
Yes, with the introduction of Form 1099-DA, Kraken now reports crypto conversions to the IRS (beginning with transactions in 2025).
What does the IRS do with the information Kraken provides?
In the past, the IRS has used information from Kraken to send warning notices to crypto investors. Any mismatches on your tax return or other information received by the IRS could increase the likelihood of a crypto-related tax audit.
Read next: Received IRS Letter 6173 or 6174? Here's What To Do
What information does Kraken send to the IRS?
Kraken reports include user information, such as your name and address, your TIN, and transaction details, including proceeds.
What's the Kraken IRS email?
Have you received an email from Kraken detailing how the exchange is sharing information with the IRS? Don't panic - you won't be the only one.
Kraken has been court-ordered to provide personal information and transaction histories for clients who exceeded $20,000 in transaction volume in any financial year between 2016 and 2020. For affected users, Kraken is required to share the following information:
Name
Date of birth
Address
Contact information
Transaction history from 2016 to 2020
Kraken shared this information with the IRS in early November 2023.
What does it mean for Kraken users? Well, if you’ve been compliant with the IRS and met your crypto tax liability, nothing. However, users who fail to report crypto transactions that resulted in capital gains or income may be subject to a tax audit in the future. Find out how to prepare for a crypto tax audit and what to expect.
How do I report my Kraken taxes to the IRS?
You need to report any gains, losses, or income from Kraken to the IRS using Form 8949 and Schedule D. Additionally, any income earned through Kraken should be reported on Schedule 1 (or Schedule C, depending on your individual filing status).
Report your Kraken taxes with Koinly
Koinly simplifies reporting your Kraken transactions to the IRS by automatically importing your transaction data from the platform via SSO or by uploading a CSV file.
Once your data is imported, Koinly calculates your gains, losses, income, and more, then generates ready-to-file tax reports. Learn more about how to generate your Kraken tax forms with Koinly.
FAQs
Do I have to pay tax on my Kraken transactions?
Yes. Any gains or income from your Kraken transactions are taxable. Learn more in our crypto taxes guide.
Do you get a 1099 from Kraken?
Yes, users with more than $600 in income will receive a 1099-MISC from Kraken. In 2026, Kraken is expected to begin issuing Form 1099-DA, which will report all crypto disposals for a given user.
Does Kraken send a 1099-B?
No. Kraken does not currently issue Form 1099-B to users or the IRS.
Does Kraken send a 1099-K?
No. Kraken does not currently issue Form 1099-K to users or the IRS.
Do I need an FBAR for Kraken?
Probably not. The FBAR (Foreign Bank and Financial Accounts) filing requirement applies to foreign accounts exceeding $10,000. Since Kraken is a U.S.-based exchange, the FBAR generally doesn't apply. However, if you hold funds on other foreign exchanges and the value exceeds $10,000, an FBAR filing may be required.
Do you have to report crypto under $600?
Yes. Even if you don’t receive a 1099-MISC from Kraken, your crypto income may still be taxable. Many types of crypto income are taxable upon receipt, even if the total is under $600.
