WHAT TAX DOES CASH APP TAXES SUPPORT?

Platforms like Cash App Taxes are frequently used by those who want easy and affordable tax filing solutions as tax season draws near. Cash App Taxes, which enables users to submit federal and state taxes online without incurring additional costs, has gained popularity over time due to its free and easy-to-use methodology. Even though it could be convenient, it's important to know if the forms you require are supported.

Form 1040 and Associated Documents

The main tax form used by individuals to file their federal tax returns is Form 1040. The standard 1040 and associated forms for reporting income, credits, and deductions are supported by Cash App Taxes.

Schedules Included

Schedule 1: Used to report additional income, such as winnings from gambling or unemployment benefits, as well as income modifications (such as the interest deduction on student loans).

For extra taxes, such as the alternative minimum tax (AMT), see Schedule 2.

Schedule 3: For credits that are not refundable, such as adoption credits and child and dependent care credits.

Wage and Tax Statement Form W-2

With Cash App Taxes, employees can easily enter their wage information directly because it completely supports Form W-2. Users have the option to manually enter their W-2 information or upload it to have it automatically filled in.

Ten99-INT, 1099-DIV, and 1099-R forms

Cash App Taxes makes it simple for you to report any income you get from dividends (Form 1099-DIV), interest (Form 1099-INT), or retirement payouts (Form 1099-R). Those who have investment accounts or retirement savings distributions will find this option especially helpful.

Self-Employment Income Forms 1099-MISC and 1099-NEC

Cash App Taxes offers support for Form 1099-NEC (Nonemployee Compensation) and Form 1099-MISC for individuals who work for themselves, as independent contractors, or as freelancers. The platform is a good choice for gig workers and side hustlers because it manages self-employment income and computes taxes owed by small business owners.

Forms 1098-T and 1098-E for Credits in Education

If you have student loans or are enrolled in school, Cash App Taxes supports:

For the student loan interest deduction, use Form 1098-E.

Form 1098-T: For educational credits that can lower your tax obligation, such as the Lifetime Learning Credit or the American Opportunity Credit.

Premium Tax Credit Form 8962

You can claim the Premium Tax Credit on Form 8962 if you bought health insurance through the Marketplace. You can balance any advance payments you may have received and declare your income using Cash App Taxes.

Form 2441: Costs of Child and Dependent Care

Form 2441, which enables parents or guardians to claim child and dependent care expenses for credits, is supported by Cash App Taxes. Families that depend on daycare or child care to allow them to work or look for work may find this support ideal.

Form 8889: Health Savings Accounts (HSAs)

Cash App Taxes facilitates Form 8889 for HSA contributions, payouts, and income adjustments. HSAs provide tax advantages to people with high-deductible health insurance.

Form 1040-X: Tax Return Amendment

Users of Cash App Taxes can file Form 1040-X if they need to make changes to their tax return. If you find a mistake in your first file or learn more after submitting, this is helpful.

Cash App Taxes is a great, affordable choice for those with simple tax situations or modest self-employment income. Many people can access it because it offers all the forms required for investment income, freelancing, and traditional employment. A more sophisticated tax platform or expert help might be more appropriate, though, if your tax position is complicated or you need more specialized paperwork.

Cash App Taxes offers a simplified, cost-free filing process that covers a wide variety of forms. Regardless of your employment status—student, employee, or self-employed—Cash App Taxes probably has you covered for simple filing.