Form 1099-MISC reports ordinary income derived from specific crypto activities, which the IRS taxes at your standard income tax rate (10-37%).
What 1099-MISC Reports:
Rewards and Bonuses: Income earned from promotional incentives, referral programs, or sign-up bonuses offered by crypto exchanges or platforms.
Staking Income: Income received from participating in staking activities (though sometimes reported on 1099-NEC if considered compensation for services).
Airdrops: Income from certain airdrops, where the receipt of the asset is a taxable event.
Interest/Yield: Income earned from lending or other yield-generating activities.
Flow steps:
1. Organization Setup
2. Form Creation
3. Vendor/Contractor Selection
4. Transaction Selection
5. Form Generation
6. Flow Management (Overview Page)
1. Organization Setup
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Add your organizations information:
Organization Name
Address
City
State
ZIP Code
Payers TIN
This ensures all generated forms are IRS-compliant. One time configuration to avoid repetitive manual entry later in the process.
2. Form creation
Set the reporting time period and select the appropriate 1099 type to accurately capture the relevant transactions for your 1099-MISC report.
Select the calendar year
Select 1099 type - Currently only 1099-MISC is supported
3. Vendor/Contractor Selection
Select the vendor that you want to generate the for for. The presented list is your Contacts list from the Accounts page.
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Select one or more contacts and click Next.
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Validate details: Go over the contacts and complete missing details.
4. Transaction Selection
Every record within a wallet reflects a single payout transaction to that wallet.
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Each record contains:
Transaction Type
Date & ID
Payer/Recipient
Transaction Tag
Amount (Native)
Amount (USD)
Categorization Dropdown
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You can also add missing transactions manually by clicking Add missing transaction button.
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In the 'Add missing transaction' window you can:
Select the transaction network
Enter hash OR leave empty and a random one will be generated
Select Timestamp
Tag transaction
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Add Sub-TX
Select wallet
Select the participating wallet holder
Select Asset
Set the Amount and the Fiat value (optional)
You can add multiple transactions
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5. Generate report
Upon successful completion of the report generation, the file will be available for download.
6. Overview Page
The Overview page displays all generated forms and incomplete generation flows, enabling you to return and finalize any pending items.
Additionally, your organization's information is displayed at the top of the page and can be edited at any time.