A transcript is usually sufficient for a mortgage or financial aid application.
This validation involves entering a code sent by email or text, providing your legal name, date of birth, and the last four digits of your Social Security number. You will have to validate your identity before getting a copy of prior year returns filed with Credit Karma Tax. Log into your Cash App account on your desktop and submit a case to Cash App Taxes. If You Already Have a Cash App Taxes Account If you need a copy of a previous tax return in the meantime (for example, if you’re applying for a mortgage or college financial aid application), you’ll have a few options. Previous tax returns filed with CKT won’t be readily available within Cash App Taxes until January 2022. However, don’t expect easy access to copies of prior year returns just yet.
If you don’t currently have a Cash App account, you’ll need to install the app (available on Google Play and the Apple App Store) and create an account on your phone to access prior year returns and prepare and file taxes.
However, customers will access the tax prep software through Cash App instead of Credit Karma. Customers still had to be Credit Karma customers and log into their Credit Karma accounts to access their CKT data.Ĭash App is currently working on integrating the Credit Karma Tax platform, but according to a CKT support page, the tax product will remain the same next year and be 100% free. Through the end of the 2020 tax filing season, which ended on October 15, 2021, the Credit Karma Tax experience remained the same for users.
Can You Still Access Credit Karma Tax Returns? But creating a digital-do-it-yourself tax product from scratch-let alone one that can keep up with the complicated and ever-evolving patchwork of federal and state tax laws-is no easy feat.
The acquisition also provides Square with a platform to build a more robust tax service-perhaps a paid service aimed at its small business customers-in the future.Īccording to IBISWorld, tax preparation services is an $11.3 billion industry in the U.S. According to Square’s Q3 2020 Shareholder Letter, customers who use two or more products generate three to four times more profit for the company than customers who only use Cash App’s peer-to-peer payments. The acquisition allows Cash App to build a suite of personal financial tools to offer consumers.Ĭash App already provides a peer-to-peer payment platform, bank accounts, debit cards, short-term loans and fractional investing in stocks and Bitcoin.Īdding tax preparation services to Cash App’s existing suite of services provides another way to acquire new users and helps the company generate more profit per user. Why Does Cash App Want to Offer Free Tax Filing? Square plans to integrate CKT into its Cash App platform, giving Cash App the ability to offer free tax filing services. As Intuit already controls roughly 67% of the DIY tax preparation market, buying CKT would push them closer to that threshold.Īs part of a proposed settlement with the DOJ, CKT entered into a deal with Square, Inc. However, the DOJ generally views any merger that gives a company control of more than 70% of the market as a potential monopoly. That accounts for a small fraction of the 34 million consumers who use software to prepare and file tax returns each year. In 2019, around 1.5 million people used Credit Karma Tax to file their taxes. According to the suit, unless Credit Karma divested its tax business, the acquisition would eliminate competition and likely result in higher prices, lower quality products and services and less consumer choice for digital-do-it-yourself tax preparation. Justice Department (DOJ) effectively said, “Not so fast,” when it filed a civil antitrust lawsuit in U.S. The purchase allowed Intuit, maker of the DIY tax software giant TurboTax, to further expand into consumer finance and access financial data on Credit Karma’s 100 million members in the U.S., U.K. said it would buy privately held Credit Karma.
On intuit's Website Why Did Credit Karma Tax Become Cash App Taxes?įirst, a little history.