Gemini 1099-DA Tax Forms Explained
Need help navigating the chaos 1099 forms are causing? This guide will help you understand your Gemini 1099 forms, what they report, how they impact your crypto taxes, and how to report your Gemini taxes this season.
Will Gemini send a 1099 form?
Yes, Gemini issues 1099 forms. Depending on your transactions, you will receive a 1099-DA or a 1099-MISC form. It's likely that your 1099-DA form(s) will be incorrect.
What’s included in a Gemini 1099-DA form?
Your Gemini 1099-DA will include:
Your name, Taxpayer Identification Number (TIN), and your address.
Account name and identifiers
The name/code for the digital asset, the type of asset, and the number of assets
The acquisition date and the sale/disposal date.
The cost basis of the asset and the proceeds from the transaction
Sections for aggregated transactions for stablecoins and NFTs
You may notice that your gains/losses reported on your 1099-DA appear larger than you expected. This is because exchanges, including Kraken, are not required to report cost basis this year, meaning the figures you'll see on your 1099-DA are actually your gross proceeds, rather than your capital gains or losses.
What's included in a Gemini 1099-MISC?
Gemini 1099-MISC reports on your income from crypto, such as staking rewards. You’ll receive one if you’ve earned more than $600 in rewards throughout the financial year.
1099-MISC has been around for longer and is generally more accurate than the new 1099-DA form.
When will Gemini send 1099-DA?
Generally, 1099 forms are issued by late January or early February. Gemini stated that they would send forms on February 15, and the official deadline for issuing 1099-DA forms was February 17, 2026.
However, due to the complications surrounding the introduction of the 1099-DA forms, the IRS clarified that it will not penalize exchanges that issue 1099-DAs later than the deadline.
Where to download Gemini 1099 forms
You can download your 1099 forms from Gemini in 'taxes' located in the tax center on your account.
Why is my Gemini 1099-DA wrong?
Exchanges are not required to report the cost basis of transactions made in 2025 (for the 2026 filing year).
This means it's likely your 1099-DA will report the gross proceeds of your sales, making it seem as though you earned more than you actually did. If you go by your 1099-DA figures, you could end up over- or under-paying tax.
The easiest way to tell if your 1099-DA is reporting gross proceeds is section 1g of your form. If this is unknown, then it's reporting your gross proceeds rather than your capital gains or losses.
Other potential issues that may occur depend on whether you have transferred your asset on or off of Gemini. If this is the case, the following sections of your 1099-DA may be incorrect/unknown:
1d (date acquired)
1i (wash sale loss disallowed)
6 (short or long-term gain or loss)
How to fix my Gemini 1099-DA
The way to fix your Gemini 1099-DA is by reporting the correct cost basis to the IRS. Understanding the difference between non-covered and covered assets will help you know what you need to report on.
Covered assets are crypto acquired and held on Gemini until sold. This starts with the 2026 tax year (filed in 2027), when Gemini is required to report both the sales proceeds and the cost basis of these assets to you and the IRS on Form 1099-DA.
Although you are still responsible for ensuring that the cost basis reported is accurate, the reporting of covered assets by exchanges is mandatory.
Non-covered assets include:
Crypto acquired before January 1, 2026
Any crypto transferred into Gemini from an external wallet or another exchange.
Gemini is not required to report the cost basis of non-covered assets to the IRS. On the 1099-DA forms, the sales proceeds will be reported; however, the cost basis section may show as "non-covered".
This means you are solely responsible for tracking, calculating, and reporting the correct cost basis on your tax return.
How do I edit my 1099-DA on Gemini?
If there are missing cost basis details on assets you transferred, you can update them through the tax center on your account:
Log in to the tax center
Go to the transaction history for transferred assets
Enter the cost basis and acquisition date
Choose a cost basis method (the default tax method for Gemini is FIFO)
If you make these edits after February, it is unlikely that it will change your 1099-DA for the reported tax year (i.e. 2025 tax year for 2026 filing). However, it can be effective for keeping track of your assets when you come to review your 1099-DA.
Can I file without my Gemini 1099-DA form?
It's best to wait until you've received your Gemini 1099-DA form before filing. This is because, without it, you may be unable to check the relevant 1099-DA boxes in relation to your Gemini transactions on Form 8949, which may prompt further queries from the IRS.
You can file for an extension if you're concerned about your 1099-DA form not arriving in time for the tax deadline. This automatically gives you until October 15 to file.
What do I do if I receive a 1099 form from Gemini?
If you receive a 1099-DA or 1099-MISC from Gemini, you should:
Review your details. Check that your 1099 form includes accurate information about your transactions and your correct personal details.
Calculate your taxes using a crypto tax calculator.
Report accurate gains and losses on Form 8949 by selecting the relevant checkbox as to whether your cost basis was or was not reported.
Report income in Schedule 1/C depending on your circumstances.
Keep records. Although the IRS isn’t likely to audit those actively reporting crypto, large discrepancies may raise questions.
How do I report my Gemini taxes to the IRS?
Koinly can help you track the cost basis across your wallets and exchanges, and accurately calculate your crypto taxes.
Just import your Gemini transaction history, as well as other wallets and exchanges you use. Once everything's calculated, you can generate reports, including Form 8949 and Schedule D, to compare against your Gemini 1099-DA and use them when filing your return.
