1099-DA Forms Delayed | Crypto Traders Express Outrage
Cryptocurrency traders are increasingly frustrated as Kraken pushes back the release of the 1099-DA forms to March 13, 2026—well past the IRS deadline. This move has sparked outrage across the crypto community, leaving many in a difficult tax filing position.
The Current Frustration with Kraken
Many people expected Kraken to deliver tax documents on time. User comments reveal growing dissatisfaction and concerns over how the delay impacts their ability to meet tax obligations. One commenter emphasized, "It's not like they were just told last week. This is just stupid!" Adding to the frustration, another noted their hefty asset transfer away from Kraken, stating, "Moved all my assets (> $15m) to a different exchange this morning. I hope this bankrupts Kraken."
Moreover, some users are questioning:
What steps they can take to file complaints with the IRS regarding Kraken's incompetence.
Whether the 3949-A form is appropriate for reporting Kraken's failure to provide timely documents.
Themes from Trader Sentiment
Frustration with Delays: The majority feel the extended wait is unreasonable.
Urging Accountability: A segment of traders wishes to report Kraken’s inaction to the IRS.
Confidence Erosion: High-value traders continue to migrate to other exchanges, further undermining Kraken's reputation.
"I could care less," expressed another trader, reflecting a sentiment of impatience with the platform.
Implications for Tax Season
As the tax deadline nears, many traders may attempt to file their returns without the necessary forms, which could complicate future filings. Experts anticipate around 40% could opt for this risky route to avoid missing the U.S. tax deadline. This misstep may lead to required amendments in the future, which traders want to avoid. Additionally, if Kraken cannot rectify their shortcomings and regain trust, they may see further defections from loyal high-value traders.
The Bigger Picture
The current crisis mirrors the 2008 stock market crash, where many investors abandoned traditional platforms amid rising tensions. Today, the uncertainty surrounding Kraken is prompting a similar trend—many seek new, more reliable options in the market.
Key Points to Consider
🗓️ 1099-DA forms pushed back to March 13, 2026.
🔄 "Moved all my assets (> $15m) to a different exchange."
📉 Many traders considering filing taxes without the necessary forms.
As the deadline looms, Kraken’s ability to recover from this situation will play a critical role in shaping the future trust and loyalty of its users.