It depends. If you are partaking in Crypto Currency transactions, then Cash App should send you and the IRS a 1099-B. If you are receiving other payments through Cash App, you and the IRS will get a 1099-K. Form 1040, is the form you include all your income, deductions and credits on to send to the IRS. No one sends you a form 1040.
If your TOTAL taxable income including work, crypto, other investments, is MORE than $14,600, then YES, you must file a return and include the crypto transactions. Be aware, you are not taxed on the total transactions, just the gains on the transactions. You will also need to report these whether or not you received a 1099-B or any other tax forms from the IRS.
If your TOTAL taxable income, including income from work, other investment income, taxable disability or social security are less than $14,600 and you are not claimed as a dependent on your parents return, then you would not need to file a tax return to report just the crypto transactions, unless you are considered to be mining crypto, then this is considered self-employment income and you need to file a return if you are made more than $400.
If however, you are claimed as a dependent on your parents return, then you would need to file a return if your unearned income (which crypto is considered unless mining for it) was more than $1,300, as it may then be subject to a kiddie tax.
Your Crypto Tax Guide
Where do I enter or import a 1099-B?
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