Updated on Monday, December 23, 2024: Tax season is officially upon us, and TurboTax is once again offering a variety of discounts and promotions to help taxpayers save during the 2025 filing period. Among these are exclusive offers specifically designed for Bank of America customers, providing even more ways to reduce costs and streamline the filing process. Below, we’ve compiled a selection of the best offers currently available, which we’ll continue to update as new promotions are released leading up to the April 15, 2025, tax deadline.
1. Extra 10% Off Federal Products
Through January 31, 2025, TurboTax users can receive an additional 10% discount with this instant coupon on federal products when purchased directly from Intuit. This offer is stacked on top of the early-season discount of up to 40%. Note that this discount applies only to federal products and cannot be combined with other offers.
2. Free Edition for Simple Tax Returns
For taxpayers with straightforward returns, TurboTax offers a Free Edition for filing both federal and state taxes. This option is ideal for those filing Form 1040 with limited credits like:
- Earned Income Tax Credit (EITC)
- Child Tax Credit
- Student Loan Interest Deduction
While this is a great cost-saving option, only about 37% of taxpayers qualify, as it does not support more complex filings like itemized deductions, self-employment income, or investments.
3. 50% Off QuickBooks Solopreneur Bundle
For small business owners and independent contractors, TurboTax offers a discount on its QuickBooks Solopreneur Bundle. This package helps track expenses and manage bookkeeping throughout the year. It’s currently available at 50% off for the first three months, lowering the monthly cost from $20 to $10.
4. Free TurboTax Freedom Edition for Military Members
Active-duty military personnel ranked E1 through E9 can file their taxes for free with the TurboTax Freedom Edition. Higher-ranking service members are eligible for discounted pricing. A military W-2 form from the 2024 fiscal year is required to qualify.
5. Bank and Credit Union Offers
TurboTax frequently partners with financial institutions to provide exclusive savings. Many banks and credit unions, including the Bank of America discount listed below, offer exclusive savings through their online portals under the “deals” or “partnerships” sections. Be sure to check your preferred bank to see what’s available.
TurboTax’s Bank of America Offer: Cashback for Customers
Bank of America customers have access to an exclusive TurboTax cashback offer this tax season. While not as substantial as other discounts, this deal is easy to activate and provides a simple way to save on tax filing costs.
How the Offer Works
Bank of America customers can earn $20 cashback on TurboTax products by completing the following steps:
- Activate the Offer: Log in to your Bank of America account online or through the mobile app and navigate to the “BankAmeriDeals” section (see examples in the screenshots below).
- Meet the Spending Requirement: Spend a minimum of $39 on TurboTax products using your Bank of America credit or debit card that’s tied to your account.
- Receive Cashback: After qualifying, $20 will be credited to your account within 30 days or by the next billing cycle.
To confirm availability, log in to your account and check under the “BankAmeriDeals” section.
Bank of America: A Key Partner for Financial Services and Tax Preparation
Background and History
Founded in 1904, Bank of America is one of the largest financial institutions in the United States, serving over 67 million customers. The bank offers a wide range of services, including checking and savings accounts, credit cards, loans, and investment options. It’s also a significant partner for tax-related services, providing customers with tools to manage finances and prepare for tax season.
Accessing Tax Documents with Bank of America
Bank of America simplifies tax preparation by providing easy access to essential documents through online banking. Customers can find forms like 1099-INT and 1098 directly through the platform.
- 1099-INT Forms: Issued if you earn at least $10 in interest during the tax year. Forms are mailed by the end of January and available online in the Statements & Documents tab.
- 1098 Forms: For mortgage interest deductions, customers can download these forms from the Year-End Statements section.
For other 1099 forms, such as those related to investments or savings, you can contact Bank of America directly if they haven’t arrived by February 15, 2025.
Routing Numbers and Account Verification
Bank of America provides detailed routing number information to ensure accuracy when filing taxes or making financial transactions. Customers can verify their routing numbers via the website or mobile app to avoid errors.
Benefits and Drawbacks of Using Bank of America for Tax Season
Benefits
- Centralized Access to Tax Forms: Online Banking consolidates all your essential tax documents, reducing the need to search through emails or mail.
- Cashback Offers: TurboTax deals like the $20 cashback provide extra savings for customers filing taxes.
- Financial Tools and Resources: Bank of America’s platform includes tools to track interest earned, mortgage payments, and other tax-related financial details.
- Nationwide Accessibility: With branches and ATMs across the country, customers can access support in person if needed.
Drawbacks
- Limited Discounts Compared to Other Offers: The cashback amount for TurboTax products is relatively modest compared to other promotions.
- Potential Delays in Document Access: While most forms are available by the end of January, delays in delivery or updates to your account could affect your ability to file early.
- Complexity for New Users: Navigating the platform to find specific forms or routing numbers can be challenging for first-time users.
TurboTax and Bank of America: Making Tax Season Easier
The collaboration between TurboTax and Bank of America is one of many partnerships aimed at simplifying the tax filing process. By combining TurboTax’s intuitive software with Bank of America’s robust financial platform, customers can streamline their finances during tax season.
Pro Tips for Tax Season Success
- File Early: Take advantage of early-season TurboTax discounts before they expire on January 31, 2025.
- Track Financial Activity Year-Round: Use tools like Bank of America’s online banking platform or mobile app to monitor interest, mortgage payments, and other tax-related data.
- Claim All Eligible Deductions: Don’t forget to account for deductions like student loan interest, mortgage interest, and investment losses.
- Stay Organized: Keep track of forms like 1099s and 1098s as they arrive to avoid last-minute scrambles.
How to Get Started with TurboTax and Bank of America
- Check for Discounts: Log in to your Bank of America account and explore the “cash back deals” section for TurboTax offers.
- Verify Tax Documents: Use the Statements & Documents tab in Online Banking to access necessary forms.
- File with Confidence: Use TurboTax’s step-by-step guidance to ensure accuracy and maximize your refund.
Our Final Thoughts
Tax season can be a stressful time, but with the right tools and resources, it doesn’t have to be overwhelming. TurboTax’s discounts and Bank of America’s financial support make it easier to stay organized and save money while filing your taxes. Whether you’re an individual filer or managing complex finances, these resources can help simplify the process and keep you on track.