Crypto Exchange Delays 1099-DA Forms | Kraken Users Furious
As February 18 rolls on, complaints flood forums aimed at Kraken, with people upset about delayed 1099-DA forms. The deadline has passed, leaving many questioning whether Kraken's team is diligently working or simply sitting idly.
Outrage Grows Among Users
Kraken's delay has sparked significant frustration. A user noted, "This is dumb. I only sold like $30 of crypto last year." Another mentioned they switched to CoinLedger due to Kraken's issues, calling it "criminal" to compare their service to Coinbase. Users are urging others to report Kraken to the IRS.
Many are anxious to finalize their finances, feeling the weight of this delay in tax season. One person explained, "Now they're saying we need to wait until March 13th when I had every single other tax form by January 31st. Absolute jokesters." This sentiment highlights concerns over potential repercussions for late tax filings.
Communication Lacking
Users are demanding greater transparency from Kraken. One commenter said, "I chatted with support and was told the 1099DA would be ready by the end of next week." Still, many feel left in the dark about updates.
Tax Implications Loom Large
Anxiety circulates around the typical discrepancies between the 1099-DA and 8949 forms, which complicates tax preparation. Many have reached out to the IRS seeking guidance on their next steps, indicating a rise in frustration as the deadline approaches.
"They told me I would have mine by March 17th," lamented another user, encapsulating the growing impatience and expectation for clarity.
What’s Next for Kraken Users?
Kraken Support has stated that forms should be ready by March 13, 2026. They reassured clients that only gross proceeds will be reported on the 1099-DA, emphasizing the use of third-party tax calculators.
Key Points to Keep in Mind
△ People are actively questioning Kraken's reliability for tax purposes.
▽ New target for 1099-DA delivery is March 13.
※ "This sets a dangerous precedent" - comment from the community.
Moving Forward
As many users contemplate withdrawing funds, experts say there's about a 75% chance that Kraken's delays could affect how individuals prepare for tax submissions. With increased scrutiny from regulators, Kraken needs to enhance communication to regain trust.
Interestingly, the mounting pressure from users and potential regulatory repercussions may prompt the exchange to adhere to its new deadline. As frustrations simmer, people remain hopeful for a resolution and improved transparency moving forward.