Who will receive a Form 1099-K?
You are receiving a digital download of the 1099-K because you have a U.S. mailing address, a U.S. Tax ID or TIN and the following applies to your account:
- Executed of trades in an aggregate amount in excess of $20K in 2018; and
- Completed more than 200 distinct transactions; transactions include:
- Deposits of any currency;
- Internal transfers (Member A to Member B) of any currency;
- Transfers within members wallet from/between card A and card B or between any two currencies
For those not receiving a 1099-K a complete transactions file (CSV format) will be available for download in your wallet.
What is Form 1099-K?
The Form 1099-K, Payment Card and Third Party Network Transactions, is an information return that reports the gross amount of reportable transactions for the calendar year to the IRS.
This is an informational return and does not represent overall tax liability payable to the IRS. If you receive a Form 1099-K, you should retain it for your records and use it to assist you in completing your tax returns.
It is important to note that you have a responsibility to self-report and pay taxes on all taxable gains. If you have any questions, we suggest you consult with a tax accountant or advisor to ensure you are filing and paying your taxes correctly. You can visit the IRS website to learn more: http://www.irs.gov/pub/irs-drop/n-14-21.pdf.
Important to note: This FAQ does not constitute financial, legal or tax advice. Tax laws and regulations change frequently. You are responsible for consulting with your own tax professional/advisor regarding specific tax requirements and obligations. Uphold is not responsible for ensuring you provide accurate or adequate reporting made by you or your tax professional on your tax returns.