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Filing with Cash App Taxes

Erin
  • Updated

Cash App provides free tax filing for state and federal returns through Cash App Taxes.

Follow these steps to include your IRS Form 8949 gains and losses information from TaxBit into Cash App Taxes to make the process as simple as possible.

Please Note: Cash App provides a 1099-B form. For this year, the 1099-B form only includes the proceeds, or sales amount, of your Bitcoin sales during the year. It does not include the amount your cost basis, or amount you paid, for that Bitcoin.

By following our import guide for Cash App, you can generate a Form 8949 that provides both sales proceeds and cost basis information to accurately file your tax return.

 

From your TaxBit Account

Step 1: Once all of your data has been imported or synced to TaxBit, you can download Form 8949 from your account. All you need to do is visit the Taxes page, click the Download IRS 8949 button, and download the PDF version.

 

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From your Cash App Account

We strongly recommend completing the following steps on your computer. Mobile instructions are available here if you only have a few transactions.

Step 2: Go to https://cash.app/taxes, or log into Cash App and navigate to Taxes 

Step 3: Once you’re in the dashboard within Taxes, search for “8949” and choose the “1099-B and Crypto Sales” option

 

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Step 4: Cash App gives you several options to enter the entries. We recommend using the Spreadsheet entry.

 

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Step 5: You’ll then enter in the transaction details from your Form 8949 downloaded from TaxBit into Cash App as mapped below. 

Form 8949 source details downloaded from TaxBit

Note that you may have both Short-Term (Part I) and Long-Term (Part II) transactions to be mapped with “F” in blue below.

 

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Cash App spreadsheet transaction entry

 

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Step 6: After filling out the transactions, click “Continue” and you’re done!

 

Still have questions? You can interact with our Chatbot by selecting the Chat Widget located at the bottom right side of your screen, or fill out this form HERE to submit a support inquiry request. Our team is happy to help!

 

 

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