Updated on Monday, February 17, 2025: It’s once again that time of the year to start thinking about filing our tax returns. If you typically use TurboTax or are considering trying them out for the first time, here’s a look at all of their current deals available this month:

1) Extra 20% Off TurboTax Online Versions

TurboTax offers an additional 20% instant discount for its Online versions when purchased directly through Intuit. This applies to federal products only, excluding state tax products. The discount stacks with their early-season deal on certain “Live Assist” versions, which provides up to 40% off in total on federal products. However, this promotion cannot be combined with other offers and is valid until February 28, 2025.

2) New to TurboTax? Then You Can File For Free!

If you’ve never used TurboTax before or if skipped using it last year, then for the 2025 tax season, you can file all tax forms completely free when you use their mobile app. Whether you have multiple sources of income, investments, or deductions, this deal has you covered.This exclusive offer is only available until February 28, 2025, and applies only to those who didn’t file with TurboTax last year. Excludes TurboTax Live versions.

3) TurboTax is Offering to Beat the Price You Paid a CPA or Licensed Tax Preparer Last Year

Switch to TurboTax Full Service and save at least 10% compared to the tax prep fees you paid last year. To take advantage, enroll by March 18, 2025, and file your 2024 tax return by March 25, 2025. TurboTax will ensure you pay the lower price between a 10% discount on last year’s fees and its standard pricing. Proof of your prior tax preparation costs may be required. This offer applies only to personal tax returns and cannot be combined with other promotions. With expert guidance and guaranteed savings, it’s worth considering.

4) TurboTax Freedom Edition for Active Military

Active-duty military personnel ranked E1 through E9 qualify for free TurboTax software through the Freedom Edition. For higher-ranking members, the software is no longer free but does include additional discounts. To use this offer, military personnel must provide a military W-2 tax form from any fiscal year 2024.

5) Partner Discounts with Financial Institutions

TurboTax collaborates with various financial institutions, including banks and credit unions, to provide exclusive discounts to their members. That incudes major companies such as Bank of America, PenFed, AAA, BECU, Fidelity Investments, and Global Credit Union. To take advantage of these offers, users should check their bank or credit union’s online portal under sections like “Deals” or “Partnerships.” While specific discounts may vary, this approach can unlock additional savings on TurboTax products.

6) TurboTax Free Edition for Simple Returns

For those with basic tax needs, TurboTax’s Free Edition is available to file federal and state taxes at no cost. This option caters to straightforward tax returns, including filings that involve Form 1040. Limited credits such as the Earned Income Tax Credit (EITC), Child Tax Credit, and the Student Loan Interest Deduction are supported. However, this service is not available for taxpayers with more complex situations, such as those requiring itemized deductions, reporting investment income, or managing business-related taxes. Approximately 37% of taxpayers qualify for this edition, making it a solid choice for eligible filers.

7) H&R Block Software Discounts

If you’re considering alternatives, H&R Block is offering 20% off all its tax software versions until February 28, 2025. The eligible options include Basic, Deluxe + State, Premium, and Premium & Business editions. H&R Block software also makes it easy to switch from TurboTax, allowing you to import prior year’s tax return data (.tax or PDF files) seamlessly.

TurboTax and GreenState Credit Union

Unlike previous years, GreenState Credit Union is not offering its members a TurboTax discount for the 2025 tax season (at least, we can’t find it anywhere). This change marks a departure from past partnerships that provided members with exclusive savings on federal tax products. While GreenState members have often enjoyed such benefits in previous tax seasons, they’ll need to explore other avenues for discounts this year. For instance, checking other financial institutions or leveraging public TurboTax promotions could help offset the cost.

About GreenState Credit Union

History and Background

GreenState Credit Union, originally founded in 1938 as the University of Iowa Community Credit Union, has grown into one of the largest credit unions in Iowa. With a membership base exceeding 400,000 and assets worth over $10 billion, it serves communities across Iowa and several surrounding states. GreenState’s mission focuses on delivering affordable financial services while promoting economic development in its service areas. Its roots as a community-based institution underscore its commitment to providing personalized support to members.

Membership and Services

Becoming a GreenState Credit Union member is relatively simple. Membership is open to residents of Iowa, nearby states, and anyone who supports GreenState’s affiliated charities. A modest deposit to open a savings account is required to establish membership.

GreenState offers a wide range of services, including:

• Savings and Checking Accounts: Members can access competitive rates, no hidden fees, and overdraft protection options.
• Loans: This includes auto loans, home loans, and personal loans with flexible repayment terms and competitive interest rates.
• Credit Cards: Members can benefit from low-interest credit cards with cash-back rewards.
• Investment Services: GreenState provides financial advisory services to help members plan for retirement and manage investments.
• Online and Mobile Banking: Their digital platform offers convenience for tasks such as bill payments, transfers, and account monitoring.

Pros and Cons of GreenState Credit Union

Pros:

• Community-Oriented Approach: GreenState’s not-for-profit model reinvests earnings into better rates and services for members.
• Broad Service Options: A diverse array of financial products tailored to individual needs.
• Lower Fees: Compared to traditional banks, GreenState typically offers lower fees and higher interest rates on savings accounts.

Cons:

• Membership Restrictions: Availability is limited to certain geographic areas, though the credit union’s outreach has expanded in recent years.
• Fewer Branch Locations: Members outside major service areas may face limited physical access, though online services compensate for this to some extent.

Financial Planning Tips for Tax Season

As tax season approaches, it’s worth considering a few key strategies to make the most of your finances:

Maximize Retirement Contributions

Contributing to retirement accounts like IRAs can provide significant tax advantages. For 2024, individuals can contribute up to $6,500 to a traditional or Roth IRA, with an additional $1,000 “catch-up” contribution for those aged 50 and older. Keep in mind that income limits apply to Roth IRA contributions, and withdrawals from traditional IRAs are subject to taxation and potential penalties for early withdrawals.

Explore Charitable Deductions

Charitable donations are tax-deductible if you itemize deductions on your return. Ensure you maintain proper documentation, such as receipts or written acknowledgment from the charity. Note that pledges are not deductible unless the donation has been completed within the tax year.

Utilize Home Office Deductions

For those operating a business from home, a portion of expenses such as utilities and internet costs may be deductible. The IRS requires exclusive use of the home office space for business purposes, so consult a tax professional to ensure compliance.

Open a Health Savings Account (HSA)

HSAs offer triple tax advantages: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are not taxed. For 2024, contribution limits are $3,850 for individuals and $7,750 for families, with an additional $1,000 catch-up contribution for those 55 and older.

Adjust Asset Allocation for Tax Efficiency

Strategically placing tax-inefficient assets in pre-tax accounts while keeping tax-efficient investments in taxable accounts can optimize your portfolio’s performance. This tactic, known as tax-efficient asset location, minimizes the tax impact on your investment returns.

GreenState Credit Union members may not benefit from a TurboTax discount this year, but other opportunities for financial savings and effective tax preparation remain available. By exploring these strategies and leveraging existing discounts or resources, taxpayers can still approach the season with confidence.