Received a 1099-K from Coinbase that shows erroneous large amount.

Received a 1099-K from Coinbase that shows erroneous $70k for January. No transactions were made and there is only $1k in the account. Transaction activity report confirms no activity. What should I do?

posted

You would need to contact Coinbase to get a revised 1099-K. you can file your return with what you have knowledge of and indicate amended 1099 was received when filing and wait to get the revised 1099..... Or you can file for an extension until the new 1099 comes in , Just make sure to pay your tax liability by 4/15.

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