Updated on Monday, December 23, 2024: Tax season is here and for many of us, TurboTax remains a popular option for filing taxes. This year, Fidelity Investments customers continue to benefit from an exclusive partnership, while TurboTax offers additional savings for a range of taxpayers. Here’s a breakdown of the most notable offers:
1. Extra 10% Off TurboTax Federal Products
TurboTax is providing an extra 10% off instant discount on its federal tax filing products when purchased directly from Intuit. This offer applies to federal products only, excluding state filing products, and is valid in addition to the early-season discount of up to 40%. The discount cannot be combined with other promotions and is available until January 31, 2025. If you plan to file early, this is an excellent way to save.
2. TurboTax Free Edition for Simple Returns
For taxpayers with uncomplicated financial situations, TurboTax’s Free Edition is a cost-effective option. It supports both federal and state filings at no charge and is designed for straightforward returns, such as Form 1040 filings. It also covers basic credits like:
- Earned Income Tax Credit (EITC)
- Child Tax Credit
- Student Loan Interest Deduction
However, the Free Edition is limited in scope. Only around 37% of taxpayers qualify, as it doesn’t support complex scenarios like business income, itemized deductions, or investments. If your taxes are simple enough, this option can save both time and money.
3. 50% Off QuickBooks Solopreneur Bundle
For freelancers and small business owners, TurboTax offers a bundled deal with QuickBooks. The QuickBooks Solopreneur Bundle is discounted by 50% for the first three months, reducing the cost from $20/month to $10/month. This tool simplifies tracking income, expenses, and deductions, ensuring you stay organized for tax season.
4. Free TurboTax Freedom Edition for Military Members
Active-duty military personnel ranked E1 through E9 can file for free using TurboTax Freedom Edition. This version includes support for military-specific tax situations, such as handling W-2 forms unique to military service. Higher-ranking personnel are eligible for a discounted version of the software. To access these benefits, military members need to provide a W-2 form from fiscal year 2024.
5. Bank and Credit Union Partnerships
TurboTax often collaborates with banks and credit unions to provide exclusive discounts to their members. If you bank with a participating institution, check their online portal under the “deals” or “partnerships” sections to see if any offers are available. This is a simple way to reduce your tax preparation costs.
Fidelity Investments and TurboTax: A Continued Partnership for 2025
Fidelity Investments has once again partnered with TurboTax to offer its clients a generous 25% discount on various versions of the tax preparation software. Here’s a look at the options Fidelity customers can access:
- TurboTax Deluxe: Ideal for individuals looking to maximize deductions, especially those with itemized expenses like mortgage interest, medical bills, or charitable contributions.
- TurboTax Premier: Designed for taxpayers with investments, rental income, or cryptocurrency transactions. This version simplifies the filing process for individuals with more complex income sources.
- TurboTax Self-Employed: Tailored for freelancers, contractors, and small business owners. It helps track business expenses, including mileage, and ensures industry-specific deductions aren’t overlooked.
- TurboTax Live and Full Service: For those who want professional assistance, TurboTax Live provides on-demand expert help, while Full Service allows you to hand over the entire process to a tax expert who manages every detail.
To redeem this discount, Fidelity clients simply use a special link provided by Fidelity, which automatically applies the savings at checkout. No additional service codes or coupons are required.
Fidelity Investments: History, Financial Role, and Tax Season Resources
Fidelity Investments is one of the most trusted names in financial services, known for its comprehensive investment and retirement solutions. With over 80 years of experience, Fidelity offers a wide range of tools and resources that can be particularly useful during tax season.
Background and History
- Founded: Fidelity was established in 1946 in Boston, Massachusetts, and has grown into one of the largest investment firms in the world.
- Services: Fidelity provides investment management, retirement planning, wealth management, and a variety of financial tools for individuals and businesses.
- Customer Base: Fidelity serves over 40 million individual investors and manages trillions of dollars in assets.
Fidelity’s Role in Tax Season
Fidelity is more than just an investment platform; it offers resources to help customers navigate tax season efficiently.
- Access to Tax Documents: Fidelity automatically generates tax documents, such as 1099 forms for investments, making it easier to report income accurately. These documents are accessible through the platform’s secure online portal.
- Integration with Tax Software: Fidelity’s compatibility with TurboTax allows users to import investment and income data directly into the software, saving time and reducing errors.
- Educational Resources: Fidelity provides articles, webinars, and calculators to help customers understand tax implications for investments, such as capital gains and retirement withdrawals.
Benefits of Fidelity During Tax Season
- Seamless Data Import: Fidelity’s integration with TurboTax eliminates manual data entry, which is especially useful for investors with complex portfolios.
- Streamlined Organization: All tax-related documents are stored securely online, making them easy to access when needed.
- Discounts on Tax Software: Fidelity customers enjoy a 25% discount on TurboTax products, reducing the overall cost of tax preparation.
Drawbacks to Consider
While Fidelity offers significant benefits, there are some limitations:
- Fee Structures: Some Fidelity accounts may charge management fees, which could impact your overall savings.
- Complex Investment Portfolios: Users with highly intricate portfolios may still require professional tax advice beyond what TurboTax or Fidelity’s tools can provide.
How to Sign Up and Make the Most of Fidelity and TurboTax
If you’re not already a Fidelity customer, signing up is straightforward. You can create an account online or at one of Fidelity’s many branch locations. Once you’re a client, take advantage of the TurboTax discount by following the link provided on Fidelity’s website.
To maximize your tax filing experience:
- Organize Early: Download all necessary tax forms from Fidelity’s portal as soon as they’re available.
- Leverage Educational Resources: Use Fidelity’s tools to understand your tax obligations, especially for investments or retirement withdrawals.
- Utilize Discounts: Redeem Fidelity’s TurboTax discount to reduce filing costs while ensuring accuracy.
The Bottom Line on TurboTax, Fidelity, and Tax Season
TurboTax’s 2025 discounts and its continued partnership with Fidelity Investments offer substantial value for taxpayers. Whether you’re filing a basic return or managing complex investment income, these tools simplify the process while saving you money.
For Fidelity customers, the added convenience of integrated tax document management and a TurboTax discount ensures a smoother tax season. As always, staying organized and informed will help you maximize your returns and minimize stress.