Updated on Sunday, December 22, 2024: Tax season is here, and as always, TurboTax is offering several discounts to make filing more affordable. Here’s a summary of the current offers available through January 2025:
1. 10% Off TurboTax Online Versions
Get an extra 10% off TurboTax federal products when purchased directly through TurboTax’s website. This discount applies only to federal tax products, not state filings, and is valid through January 31, 2025. It can’t be combined with other offers but works alongside early-season discounts.
2. TurboTax Free Edition for Simple Returns
TurboTax’s Free Edition is a no-cost option for individuals with straightforward tax situations. It supports simple federal and state filings, including limited credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, only about 37% of taxpayers qualify due to the limited scope—complex scenarios like itemized deductions, investments, or business income are not supported.
3. 50% Off QuickBooks Solopreneur Bundle
Self-employed individuals can take advantage of this promotion, which offers the QuickBooks Solopreneur Bundle at 50% off for the first three months. This discount reduces the cost from $20 per month to $10 per month, helping streamline bookkeeping and tax preparation.
4. Free TurboTax Software for Military Members
Active-duty military personnel ranked E1 through E9 can access TurboTax Freedom Edition for free. Higher ranks are not eligible for the free software but can receive an additional discount. A military W2 tax form from fiscal year 2024 is required to qualify.
5. Exclusive Credit Union and Bank Discounts
TurboTax frequently partners with financial institutions to provide exclusive discounts to members. These offers can typically be found in the “deals” or “partnerships” sections of online banking portals. Members of institutions like BFSFCU benefit from such partnerships, as outlined below.
TurboTax Discount for BFSFCU Members
For the 2025 tax season, Bank-Fund Staff Federal Credit Union (BFSFCU) members can enjoy a 20% discount on TurboTax federal tax preparation services. This promotion provides flexibility by applying the discount to various TurboTax options, making it easier for members to choose the one that best fits their needs:
- TurboTax Deluxe: Ideal for maximizing deductions such as mortgage interest or charitable contributions.
- TurboTax Premier: Tailored for taxpayers managing investments, rental property income, or cryptocurrency transactions.
- TurboTax Self-Employed: Suited for freelancers, contractors, and small business owners. It offers guidance on deductions for home office expenses, mileage, and more.
- TurboTax Live and Full Service: For those seeking expert guidance or full-service filing. TurboTax Live offers real-time help from professionals, while Full Service assigns a tax expert to handle everything.
The 20% discount is automatically applied when BFSFCU members access TurboTax via a dedicated credit union link. It’s a straightforward way to save while filing accurately and efficiently.
About Bank-Fund Staff Federal Credit Union (BFSFCU)
BFSFCU is a not-for-profit financial cooperative established in 1947 to serve the unique needs of employees of the World Bank Group and the International Monetary Fund (IMF). With decades of experience, BFSFCU has grown into a reliable financial partner for its specialized membership.
Membership and Scope
Membership is open to staff, retirees, and families associated with the World Bank and IMF, as well as certain other affiliated organizations. While the eligibility criteria are exclusive, this focus allows BFSFCU to tailor its services to the specific financial needs of its members.
Headquarters and Operations
The credit union is headquartered in Washington, D.C., with a limited branch network primarily concentrated in the area. Despite its smaller physical presence, BFSFCU offers robust online and mobile banking services to meet the needs of its globally connected membership.
Products and Services
BFSFCU provides a comprehensive range of financial products, including:
- Checking and savings accounts
- Credit cards
- Mortgages and personal loans
- Investment and retirement planning services
- International banking solutions, including multi-currency accounts and global money transfers
Benefits of BFSFCU Membership
BFSFCU offers several distinct advantages that set it apart from traditional banks:
- Competitive Rates As a member-focused institution, BFSFCU offers lower interest rates on loans and higher savings yields compared to commercial banks.
- International Expertise BFSFCU is uniquely equipped to handle international banking needs, offering services like multi-currency accounts, wire transfers, and assistance with global financial management.
- Low Fees The credit union’s not-for-profit model allows it to maintain a fee structure that is more favorable than traditional banking institutions.
- Exclusive Partnerships Partnerships like the TurboTax discount enhance the value of BFSFCU membership, especially during high-pressure times like tax season.
- Financial Education and Tools BFSFCU provides members with access to financial planning resources, from investment advice to tax preparation tips, fostering long-term financial health.
- Tailored Services With a deep understanding of its members’ needs, BFSFCU offers personalized banking experiences and financial solutions.
Drawbacks of BFSFCU Membership
While BFSFCU provides numerous benefits, there are some limitations to consider:
- Exclusive Membership The credit union’s eligibility criteria can make it difficult for those outside the World Bank and IMF communities to join.
- Limited Physical Presence BFSFCU operates primarily in the Washington, D.C., area, which may be inconvenient for members who prefer in-person banking but live elsewhere.
- Technology Gaps While BFSFCU’s digital tools are functional, they may not have the same advanced features as those offered by larger financial institutions.
- Smaller Range of Products Compared to major banks, BFSFCU’s product offerings might not cover every niche financial need.
Tax Season Tips for BFSFCU Members
BFSFCU members can use several strategies to make the most of tax season:
- Use the TurboTax Discount The 20% discount provides significant savings on TurboTax products, making it easier to file accurately and affordably.
- Maximize Deductions TurboTax’s tools can help members identify eligible deductions and credits, such as those related to mortgage interest, educational expenses, or international income.
- Plan Ahead Whether expecting a refund or anticipating a payment, BFSFCU members can use their accounts to save, pay taxes, or even take advantage of low-interest personal loans to cover tax obligations.
- Seek Professional Advice Members with complex international financial situations might benefit from TurboTax Live or BFSFCU’s financial planning resources.
BFSFCU’s Role in Financial Wellness
BFSFCU is more than just a financial institution; it’s a partner in its members’ financial journeys. By offering competitive rates, international expertise, and exclusive discounts, the credit union supports its members in navigating both everyday banking and significant financial events like tax season.
The partnership with TurboTax demonstrates BFSFCU’s commitment to providing meaningful value during tax season. Combined with the credit union’s broader suite of services, this discount is a practical tool for managing the often stressful process of tax preparation.
Final Thoughts
The Bank-Fund Staff Federal Credit Union continues to uphold its mission of serving its members’ unique financial needs. Through initiatives like the TurboTax discount, BFSFCU helps make tax season more manageable and cost-effective. Whether you’re filing a simple return or navigating a complex international financial landscape, the credit union’s tools and resources are designed to support you.
For those eligible for membership, BFSFCU provides a distinctive blend of personalized service, competitive rates, and international expertise, making it a valuable financial partner year-round.