Doing your taxes can be stressful - and Gen Z is feeling it. According to a Cash App Taxes survey, 54% of Gen Zers have cried over filing their taxes while: 38% of millennials are equally stressed around their taxes. Cash App offers Cash App Taxes is rated as CNET’s best tax software options for 2024 and it is free!

Who says teens aren’t financially literate? Texas high school teens are offering up help as Volunteer Income Tax Assistants (VITAs) After completing tests from the IRS (FORM6744), students are trained and qualified to assist with tax preparation - last year the students helped with around 250 returns. This is the start of financial literacy these students will take with them and apply throughout their lifetime.

Thanks to the American Rescue Plan Act of 2021, federal taxes won't be applied to forgiven student loans through 2025. This applies whether you reach forgiveness through income-driven repayment plans or any other program. Looking ahead, President Biden's proposed budget aims to make this tax-free treatment permanent. But until that's finalized, the future is a bit uncertain. Here's the key takeaway: If your loans are forgiven before 2026 under the current plan, you won't owe federal income tax on that amount. However, there's a catch – some states might still tax the forgiven balance.