Updated on Tuesday, February 4, 2025: Tax season is officially here and if you’ll be filing using TurboTax’s tax-prep software this year, then be sure to take advantage of one of the several discounts and promotions available for the 2025 tax season. Below are our favorite current discounts (this list is updated on an ongoing basis through the April 15th tax filing deadline):
1. 20% Coupon on TurboTax Online Versions
TurboTax is offering a 20% instant coupon on all of its Online versions, including Basic, Deluxe, Premier, and Self-Employed. The discount applies only to federal tax products and excludes state filings. Additionally, you can combine this 20% discount with early-season savings on select “Live” Full-Service and Assisted Versions. However, this promotion cannot be combined with other TurboTax discounts. The offer is valid until February 28, 2025.
2. Free Filing for First-Time TurboTax Users
If you’ve never used TurboTax before or if you skipped it last year, you can file any tax form free through TurboTax’s mobile app. However, this offer is available only if you file by February 18, 2025. Note that TurboTax Live services are not included in this free filing promotion. Existing customers (those who filed with TurboTax last year) are ineligible for this offer.
3. TurboTax Promises A Better Deal Than Your CPA Fee Last Year
Get a minimum 10% discount on TurboTax Full Service compared to your 2024 CPA fees. Enroll by March 18, 2025, and submit your tax return by March 25 to lock in your savings. Your price will be based on either a 10% discount from last year’s prep fees or TurboTax’s current Full Service pricing—whichever is lower. Proof of fees may be needed to confirm your eligibility. This deal applies to personal tax returns only and excludes other offers.
4. Partnership Discounts with Financial Institutions
TurboTax has partnered with several financial major institutions and credit unions across the U.S. to provide exclusive discounts to their customers. To access these discounts, you’ll need to check your financial institution’s online portal, usually under sections like “deals” or “partnerships.” These deals may vary, so it’s worth exploring what offers your specific bank (such as Bank of America and U.S. Bank), credit union (such as BECU or NFCU), or auto club (such as AAA) may have for the 2025 tax season.
5. TurboTax Free Edition for Simple Returns
TurboTax’s Free Edition allows eligible taxpayers to file both federal and state returns at no cost. This version is best suited for simple tax situations, such as filing Form 1040. It also covers limited credits, like the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, only about 37% of taxpayers qualify for the Free Edition, as it doesn’t support more complex situations like business income or itemized deductions. If you meet the criteria, this is an excellent option for filing your taxes with minimal cost.
6. TurboTax Freedom Edition for Military Members
Active-duty military members ranked E1 through E9 can file their taxes for free using TurboTax’s Freedom Edition. This version is available to qualifying military personnel during the 2025 tax season, and it covers both federal and state filings. However, higher-ranking service members are not eligible for this free version but can still benefit from substantial discounts. To qualify, you must submit a military W-2 form from the 2024 fiscal year.
7. H&R Block’s Competing Offer
For those considering an alternative to TurboTax, H&R Block is offering a 20% discount on all versions of their software, including Basic, Deluxe + State, Premium, and Premium & Business. One convenient feature of H&R Block’s software is its ability to quickly import last year’s TurboTax data using .tax or PDF files. This promotion is valid until February 28, 2025, and could be an attractive alternative for those looking to switch providers.
No TurboTax Discount for BNY Pershing Customers in 2025
Unfortunately, BNY Pershing is no longer offering any discounts on TurboTax products this year. In previous tax seasons, BNY Pershing customers were eligible for special savings on TurboTax. However, the link for last year’s offer no longer applies any discount. It appears that this partnership has ended for the 2025 tax season, leaving BNY Pershing customers without a TurboTax discount option this year.
Understanding BNY Pershing: History, Services, and How it Relates to Tax Season
BNY Pershing is one of the leading providers of financial services to institutional investors, wealth managers, and financial advisors. As part of the Bank of New York Mellon Corporation, BNY Pershing offers a wide range of services that help individuals and organizations manage their investments, taxes, and other financial needs.
History and Background
BNY Pershing traces its roots back to the early 1930s when it was founded as a small firm focused on securities trading. Over the years, it evolved, expanding its offerings to include clearing and custody services for financial institutions, as well as investment and wealth management solutions for individual clients.
In the 2000s, BNY Pershing became part of Bank of New York Mellon, one of the oldest and most respected financial institutions in the world. Today, BNY Pershing serves a wide range of clients, from large institutions to individuals working with financial advisors. Its services include wealth management, tax reporting, investment solutions, and a suite of tools designed to help clients optimize their portfolios and navigate tax season.
Services Offered by BNY Pershing
BNY Pershing provides a broad range of services tailored to the financial needs of individuals and institutions. These services include:
- Investment Solutions: BNY Pershing offers a variety of investment tools and platforms, helping clients manage portfolios and make informed financial decisions. Whether you’re investing in stocks, bonds, mutual funds, or alternative investments, BNY Pershing provides the infrastructure and guidance needed for successful investing.
- Tax Reporting Services: BNY Pershing is known for its tax reporting services, which help clients navigate the complexities of tax filing. Each year, BNY Pershing delivers 1099 tax forms to clients, which detail various income sources, including dividends, interest, and capital gains. These forms are an essential part of tax reporting for investment portfolios.
- Financial Advisor Services: The company provides various tools and resources for financial advisors, helping them manage client portfolios, execute trades, and ensure compliance with financial regulations. This is particularly valuable during tax season, as advisors can offer clients timely advice on tax-efficient investment strategies.
- Technology and Digital Tools: BNY Pershing also offers a wide array of digital tools to streamline the investing process. Their platforms provide real-time access to account information, trade execution, and investment research, which can help clients make informed decisions. Additionally, their tax reporting services include online access to your forms, making it easier to stay organized during tax season.
Sign-Up Process for BNY Pershing
If you’re interested in opening an account with BNY Pershing, the process is relatively straightforward. For individual investors, you typically need to work with a financial advisor who has access to BNY Pershing’s platform. The sign-up process involves providing personal identification information, such as your Social Security number, address, and financial details. Once your account is set up, you’ll have access to BNY Pershing’s full suite of services.
Institutions and financial advisors who wish to work with BNY Pershing can also sign up through a similar process, though the account setup may involve additional paperwork and regulatory compliance steps.
Benefits of Using BNY Pershing
There are several benefits to using BNY Pershing’s services, especially during tax season. Some of the key benefits include:
- Comprehensive Tax Reporting: As a custodian and clearinghouse, BNY Pershing handles tax reporting for many of its clients. By receiving 1099 forms detailing investment income, clients can easily access the information they need for tax preparation. This can save time and effort during tax season, making it easier to file taxes accurately.
- Expertise in Investment Management: BNY Pershing’s platform is widely used by financial advisors, which ensures that you have access to the expertise and knowledge of professional investment managers. This can help ensure that your portfolio is structured efficiently, not only for growth but also for minimizing tax liabilities.
- Variety of Investment Options: BNY Pershing offers a wide range of investment options, including retirement accounts, taxable investment accounts, and tax-advantaged products like IRAs. This variety allows clients to tailor their investments to their specific tax situation and financial goals.
- Robust Digital Tools: BNY Pershing’s online and mobile platforms are easy to use and provide real-time access to account information. This level of transparency is useful for tracking investments, managing portfolio performance, and keeping track of tax-related details.
Drawbacks of BNY Pershing
Despite its many benefits, there are some drawbacks to using BNY Pershing that are worth considering:
- Limited Direct Consumer Access: Unlike many banks or investment firms that allow individuals to directly open accounts, BNY Pershing’s platform is primarily used by financial advisors and institutions. As an individual, you would need to work with an advisor to take full advantage of their services, which may not be ideal for everyone.
- Higher Fees for Some Services: BNY Pershing’s services may come with higher fees compared to other custodians or platforms, especially for smaller investors. While institutional clients often benefit from discounted fees, individuals may face higher costs for account management or investment services.
- Lack of Personal Support: While BNY Pershing offers excellent services for financial advisors, individual investors may find that the level of customer support is not as personalized as they would like. Many interactions are managed through advisors, and direct customer service may not be as accessible for those who need hands-on assistance.
BNY Pershing’s Role During The 2025 Tax Season
During tax season, BNY Pershing plays a significant role by delivering important tax-related documents like 1099 forms. These forms provide a detailed breakdown of income earned through investments, including dividends, interest, and capital gains. Clients who have accounts through BNY Pershing typically receive these forms between January 31 and March 15, 2025, although the timing may vary depending on account activity and specific portfolio holdings.
For BNY Pershing clients, receiving accurate and timely tax forms is a critical part of the tax preparation process. These forms are necessary for filing taxes and ensuring that all income is reported correctly to the IRS.
For those looking to manage their finances effectively, understanding the services and tools offered by financial institutions like BNY Pershing can help streamline investment management, especially during tax season. However, with no TurboTax discount available this year, clients may need to seek alternative methods of reducing their tax preparation costs.