Updated on Monday, December 23, 2024: Tax season is here, and TurboTax is offering several ways to save while streamlining the process of filing your returns. Here’s an updated look at TurboTax’s 2025 discounts and how Boeing Employees’ Credit Union (BECU) is playing a role this tax season.
Current TurboTax 2025 Discounts
1. Extra 10% Off TurboTax Online Federal Products
When you order TurboTax directly through Intuit, you’ll receive an additional 10% discount with this instant coupon on federal products. This discount stacks on top of early-season savings (up to 40%), making it a solid option for early filers. Note that this offer does not apply to state tax products and cannot be combined with other TurboTax promotions. Be sure to act quickly, as the offer expires on January 31, 2025.
2. TurboTax Free Edition for Simple Returns
If you have a basic tax situation, TurboTax Free Edition is a fantastic option. It allows you to file federal and state returns at no cost. Designed for straightforward filings like Form 1040, it supports limited credits such as the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, this service is only available to about 37% of taxpayers, as it does not support business ownership, itemized deductions, or investments. For those eligible, this is an unbeatable cost-saving tool.
3. TurboTax Freedom Edition for Military Personnel
Active military members and reservists ranked E1 through E9 can file their taxes for free using the TurboTax Freedom Edition. This service supports military W-2 forms and provides tailored guidance for unique military tax situations. Higher-ranked personnel can still access additional discounts. A military W-2 from 2024 is required to qualify for these offers.
4. Bank and Credit Union Discounts
TurboTax has partnerships with financial institutions across the country, providing exclusive discounts to their members. Check the “deals” or “partnerships” section of your bank or credit union’s online portal to see if any promotions are available.
BECU Members: Special TurboTax Offers
For Boeing Employees’ Credit Union (BECU) members, TurboTax continues to deliver exclusive benefits in 2025. Members receive 20% off several key TurboTax software versions, making it easier to choose a product that fits your tax needs.
- TurboTax Deluxe: Perfect for individuals looking to maximize deductions, including expenses like mortgage interest, charitable donations, and medical costs.
- TurboTax Premier: Designed for taxpayers with investments, rental income, or cryptocurrency transactions.
- TurboTax Self-Employed: Tailored for freelancers, contractors, and small business owners. This version simplifies tracking expenses and ensures you don’t miss industry-specific deductions.
- TurboTax Live and Full Service: Options for those seeking expert assistance. TurboTax Live connects you to professionals for on-demand help, while Full Service lets an expert handle the entire process for you.
To redeem these discounts, BECU members must use a specific link as provided by the credit union. The discount will be applied automatically at checkout.
BECU and Tax Season: Everything You Need to Know
A Brief Overview of BECU
Boeing Employees’ Credit Union (BECU) started in 1935 with just $9 in assets, serving a handful of Boeing employees. Over the decades, it has grown into one of the largest not-for-profit credit unions in the United States, with millions of members. Today, BECU offers a variety of financial products, including checking and savings accounts, loans, credit cards, and investment services.
Accessing Tax Documents with BECU
Filing taxes involves gathering all necessary documents, and BECU makes this process seamless for its members:
- Tax Statements Availability: Current tax statements are accessible via BECU’s Online Banking platform starting January 31 each year. You can also retrieve tax forms dating back to 2018.
- Requesting Paper Copies: If you prefer paper statements or need a replacement, you can request one through BECU’s customer service line or by visiting a local branch.
- Interest Earned Summary: Access your Interest Summary by logging into Online Banking and selecting the “Accounts” tab. This will display your prior year’s dividends or interest earnings, along with year-to-date figures.
Tax Form Details
- Form 1098 (Loan Interest Paid): This form reports interest paid on eligible loans, including mortgages or home equity loans. Members who paid $600 or more in interest will receive a 1098 form, either online or via mail.
- Form 1099-INT (Interest Income): If you earned $10 or more in interest across all deposit accounts, BECU will issue a 1099-INT form. This form consolidates interest from all accounts associated with your Social Security Number (SSN) or Taxpayer Identification Number (TIN).
- Form 1099-R (Retirement Distributions): This form covers IRA distributions exceeding $10, excluding transfers between IRA accounts.
Benefits and Drawbacks of BECU During Tax Season
Advantages:
- Comprehensive Tools for Tax Filers: BECU offers easy online access to tax forms and summaries, making tax preparation efficient.
- Member Discounts: Partnerships with TurboTax allow members to save money on tax preparation software.
- Low Fees: As a credit union, BECU typically charges lower fees compared to traditional banks, which can help you save year-round.
Drawbacks:
- Limited Eligibility: BECU membership is primarily available to residents of Washington state, as well as employees of select companies like Boeing.
- Tax Statement Restrictions: Only primary account holders can access tax forms online, which might cause inconvenience for joint account holders.
Other Tax Resources for 2025
BECU isn’t your only resource this tax season. Here are some additional tools and tips to help you maximize your refund and avoid unnecessary stress:
- IRS Free File: Available to individuals or families with an adjusted gross income of $79,000 or less. This program partners with tax preparation companies to offer free filing services.
- Volunteer Income Tax Assistance (VITA): A free service for taxpayers earning $64,000 or less, seniors, or individuals with disabilities.
- Direct File Pilot Program: The IRS is rolling out its own filing platform for low- to moderate-income earners. Available in select states, this program is expected to expand by mid-March.
Filing Tips and Refund Insights
- Direct Deposit for Refunds: The IRS encourages taxpayers to file electronically and use direct deposit to receive refunds faster. You can direct your refund into up to three accounts, including savings accounts or mobile payment apps.
- Refund Delays for Certain Credits: If you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC), refunds will not be issued before mid-February due to federal requirements.
- IRS Resources: The “Where’s My Refund?” tool and Interactive Tax Assistant on IRS.gov can help you track your refund status or answer specific tax questions.
Our Final Thoughts
Tax season doesn’t have to be overwhelming. With tools like TurboTax and financial partners like BECU, filing can be simpler, more affordable, and less stressful. Take advantage of discounts and resources to ensure you maximize your refund while staying compliant with IRS regulations.
If you’re a BECU member, don’t forget to utilize your exclusive TurboTax discounts and access online banking tools to retrieve your tax documents. And for everyone else, be sure to explore the variety of free and low-cost filing options available through the IRS and trusted partners.