Updated on Sunday, December 29, 2024: The 2025 tax season is officially upon us, and as always, TurboTax continues to offer a range of discounts through several different partnerships to help you save on their tax prep software (such as SECU). Here’s a rundown of all of our favorite deals currently deals available on TurboTax, including Basic, Deluxe, Premier, Home & Business and Self-Employed editions:
1. Extra 10% Off TurboTax Online Versions
TurboTax has an additional 10% off instant coupon that’s now live that can be applied towards all online federal tax products when purchased directly from Intuit (the coupon is activated by following the link). This offer complements the early-season discount of up to 40%, giving you even greater savings. However, it’s worth noting that this discount applies only to federal products—not state filings. You’ll need to act quickly, as the promotion ends on January 31, 2025.
2. Free Edition for Simple Returns
TurboTax’s Free Edition allows taxpayers with straightforward returns to file both federal and state taxes at no cost. It supports basic forms, including the 1040, and offers limited credits such as the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, only about 37% of taxpayers qualify, as this option doesn’t accommodate complex scenarios like itemized deductions, investments, or business income.
3. 50% Off QuickBooks Solopreneur Bundle
Freelancers and self-employed individuals can take advantage of a 50% discount on the QuickBooks Solopreneur Bundle for the first three months. This offer reduces the cost from $20 to $10 per month and combines financial tracking with tax preparation tools tailored for small business owners.
4. Discounts for Military Members
Active-duty service members ranked E1 through E9 are eligible for free access to TurboTax Freedom Edition for the 2025 tax season. Those with higher ranks can still access discounted products. A valid military W-2 from the 2024 tax year is required to claim this offer.
5. Partner Discounts Through Banks and Credit Unions
TurboTax collaborates with financial institutions and credit unions to provide exclusive discounts. This incudes partners such as Bank of America, Capital One, AAA, PenFed, Vanguard and State Farm. Check your bank’s online portal or member benefits section for current offers.
TurboTax Discounts for SECU Members
The State Employees’ Credit Union (SECU) has maintained a partnership with TurboTax, offering members a 20% discount on tax preparation software. This discount applies to federal filing products and is available through a special link provided in the SECU member portal.
To claim the discount, SECU members can:
- Log in to their SECU online account.
- Navigate to the “Member Discounts” section.
- Follow the TurboTax link to automatically apply the savings during purchase.
This partnership reflects SECU’s commitment to providing financial benefits and resources for its members during tax season.
Understanding State Employees’ Credit Union (SECU)
Founded in 1937, SECU is one of the largest credit unions in the United States, serving over 2.7 million members. Initially established to support North Carolina’s state employees, SECU has grown to include various financial services, including loans, savings accounts, and tax-related tools.
Tax Resources Offered by SECU
SECU assists members with tax preparation and document management by providing easy access to essential tax forms:
- IRS Form 1098: Shows mortgage interest, property taxes, and private mortgage insurance paid via escrow.
- IRS Form 1099-INT: Reports interest earned from SECU deposit accounts.
- IRS Form 1099-R: Details distributions from retirement accounts, including IRAs.
- IRS Form 1099-C: Indicates canceled debt of $600 or more.
- IRS Form 5498: Provides IRA contribution details.
Members can view these forms online through SECU’s Member Access portal by January 31, 2025 for most documents and by May 31, 2025 for Form 5498.
Additional Tax Tools and Benefits
- Credit Card Annual Activity Summary: SECU offers an itemized summary of credit card transactions, categorized for easier budgeting and tax preparation. This feature is available to members with at least 25 annual purchases.
- Direct Deposit Refunds: SECU ensures fast refunds via direct deposit, requiring members to provide accurate routing (253177049) and account information.
Pros and Cons of Using SECU for Tax Season
Benefits
- Convenient Access to Tax Documents: Members can retrieve essential forms online, streamlining the tax filing process.
- Discounted TurboTax Services: SECU’s partnership with TurboTax ensures significant savings.
- Comprehensive Financial Support: From mortgage statements to IRA details, SECU provides a holistic view of your financial picture.
Drawbacks
- Limited to SECU-Generated Forms: Members need to retrieve forms from other financial institutions for external accounts or investments.
- Digital Accessibility Required: Navigating SECU’s online portal may pose challenges for less tech-savvy individuals.
Free and Low-Cost Tax Preparation Options
For those seeking alternatives to paid services, several free and affordable resources are available:
IRS Free File
If your income is $73,000 or less, you can access free tax preparation software through the IRS Free File program. It offers user-friendly options to file federal and state taxes. For incomes above $73,000, the IRS provides fillable forms for federal returns.
Volunteer Income Tax Assistance (VITA)
The VITA program offers free tax help for individuals earning $64,000 or less, as well as for persons with disabilities and those with limited English proficiency. IRS-certified volunteers assist with basic tax preparation and electronic filing.
Tax Counseling for the Elderly (TCE)
Designed for taxpayers aged 60 and older, TCE offers free tax counseling through IRS-trained volunteers. Many TCE sites are operated by the AARP Foundation’s Tax-Aide program, which runs from late January through mid-April.
MilTax for Military Members
Available through the Department of Defense, MilTax provides free tax preparation software and e-filing for all military members, regardless of income.
How to Avoid Tax Filing Errors
Whether filing independently or with professional help, accuracy is critical:
- Verify Direct Deposit Information: Ensure your routing and account numbers are correct to avoid delays or lost refunds.
- Double-Check Tax Documents: Cross-reference forms like W-2s, 1099s, and mortgage statements for discrepancies.
- Use Reputable Software: Trusted platforms like TurboTax simplify the filing process and reduce errors.
Our Final Thoughts
SECU and TurboTax provide valuable resources to navigate tax season efficiently. From discounted software to accessible tax documents, these tools cater to a variety of financial situations. Whether you’re taking advantage of free tax preparation programs or leveraging SECU’s partnerships, careful planning and attention to detail will help ensure a smooth filing experience.