Updated on Monday, December 23, 2024: Tax season is here, and TurboTax is once again offering a range of discounts to help you save on filing costs. This year, Coinbase customers can also enjoy exclusive discounts, building on the platform’s past collaborations with TurboTax. Let’s break down all the current TurboTax 2025 discounts, dive into the Coinbase partnership, and explore Coinbase’s broader role in managing your taxes and finances.
Current TurboTax 2025 Discounts
1. Additional 10% Off TurboTax Federal Products
TurboTax is offering an extra 10% off instant coupon on federal tax products are purchased directly from Intuit. This discount is on top of the early-season savings of up to 40%. However, the offer excludes state tax filing products and cannot be combined with other promotions. This deal is valid through January 31, 2025, making it a great opportunity for early filers to save more.
2. TurboTax Free Edition for Simple Returns
If you have a straightforward tax situation, TurboTax’s Free Edition is a cost-free way to file both federal and state taxes. This edition supports basic filings, including:
- Form 1040
- Earned Income Tax Credit (EITC)
- Child Tax Credit
- Student Loan Interest Deduction
While the Free Edition is ideal for simple returns, only around 37% of taxpayers qualify for it. If your situation involves business ownership, itemized deductions, or investments, you’ll need a paid version. For those who meet the eligibility requirements, though, it’s a highly economical choice.
3. 50% Off QuickBooks Solopreneur Bundle
Freelancers and small business owners can take advantage of TurboTax’s offer on the QuickBooks Solopreneur Bundle. At 50% off for the first three months, the price drops from $20/month to $10/month. This bundle is designed to help solopreneurs track expenses, income, and deductions year-round, making tax season far less stressful.
4. Free TurboTax Freedom Edition for Military Members
TurboTax continues to support active-duty military personnel by offering its Freedom Edition for free to service members ranked E1 through E9. Higher-ranking personnel can still receive a discount on TurboTax software. To qualify, military members must provide a W-2 form from fiscal year 2024. This edition includes tools to handle military-specific tax scenarios, such as allowances and benefits.
5. Bank and Credit Union Discounts
TurboTax has partnered with numerous banks and credit unions to offer discounts to their customers. If you bank with a participating institution, check the “deals” or “partnerships” section of your online banking portal to see if any exclusive TurboTax offers are available.
TurboTax and Coinbase Partnership: Cryptocurrency Filers Get 20% Off
Cryptocurrency has become an integral part of many taxpayers’ portfolios, and Coinbase has partnered with TurboTax once again to make tax filing easier and more affordable for crypto investors. Coinbase users can enjoy a 20% discount on several TurboTax versions, tailored to meet a range of tax filing needs.
TurboTax Options for Coinbase Customers
- TurboTax Deluxe: Perfect for filers who want to maximize deductions. This version is especially helpful for those with itemized expenses such as mortgage interest, medical costs, or charitable contributions.
- TurboTax Premier: Designed for individuals with investments, rental income, or cryptocurrency transactions. Coinbase users benefit from features that simplify the reporting of crypto trades, gains, and losses.
- TurboTax Self-Employed: Tailored for freelancers, contractors, and small business owners, this version helps track business expenses, including mileage and industry-specific deductions.
- TurboTax Live and Full Service: For those who prefer expert assistance, TurboTax Live provides access to tax professionals, while Full Service allows you to delegate the entire process to a tax expert.
How to Redeem the Coinbase Discount
To claim the discount, Coinbase customers can use a special link provided by the platform. This link ensures the discount is automatically applied at checkout, so there’s no need to manually enter a code.
Coinbase: A Vital Tool for Managing Cryptocurrency and Tax Obligations
As cryptocurrency continues to grow in popularity, Coinbase remains a leading platform for buying, selling, and managing digital assets. For many users, tax season brings the added complexity of reporting crypto transactions, and Coinbase provides tools and resources to streamline the process.
Background and History of Coinbase
- Founded: Coinbase was established in 2012 by Brian Armstrong and Fred Ehrsam to make cryptocurrency accessible to mainstream users.
- Headquarters: Based in San Francisco, Coinbase operates globally, serving millions of users across more than 100 countries.
- Services: The platform enables users to trade cryptocurrencies like Bitcoin, Ethereum, and Litecoin, and provides educational resources to help new investors navigate the crypto space.
Coinbase and Taxes
For cryptocurrency investors, tax obligations can be complex. Here’s how Coinbase simplifies the process:
- Automated Tax Reporting: Coinbase generates Form 1099-B and transaction reports for users, detailing capital gains, losses, and taxable income.
- Integration with TurboTax: Coinbase allows users to import their crypto transaction data directly into TurboTax Premier or other supported versions. This eliminates the need for manual data entry and reduces the risk of errors.
- Educational Resources: Coinbase offers articles and tutorials explaining the tax implications of crypto trading, mining, and staking.
Benefits of Using Coinbase for Tax Season
- Seamless Integration: The ability to import transaction data into TurboTax makes filing simpler for crypto investors.
- Accurate Reporting: Automated tax forms ensure that gains, losses, and income are reported correctly.
- Discounted TurboTax Pricing: The 20% discount on TurboTax Premier and other versions makes tax preparation more affordable.
Drawbacks to Consider
- Tax Complexity: Even with tools and resources, crypto taxes can be complicated, especially for active traders or those involved in staking and mining. Professional advice may still be necessary.
- Fees: Coinbase charges transaction fees, which can add up for frequent traders and impact overall investment returns.
How to Get Started with Coinbase and TurboTax
If you’re not already a Coinbase user, signing up is straightforward. Visit their website or download the app, create an account, and complete the verification process. Once you’re set up, you can start trading cryptocurrencies and use Coinbase’s tax reporting tools during tax season.
For TurboTax, redeeming the Coinbase discount is simple. Use the special link provided by Coinbase to access the discounted pricing. From there, you can select the TurboTax version that best suits your filing needs.
Key Takeaways for TurboTax, Coinbase, and Tax Season
The collaboration between TurboTax and Coinbase is a significant advantage for cryptocurrency investors. With tools to simplify transaction reporting and a 20% discount, this partnership reduces the stress and cost of filing crypto-related taxes.
Meanwhile, TurboTax’s broader 2025 discounts ensure that there’s an option for nearly every taxpayer, whether you’re filing a basic return, managing a small business, or navigating military-specific tax scenarios.
By combining the resources of TurboTax and Coinbase, you can streamline your tax preparation process, maximize your savings, and stay compliant with IRS requirements.