Updated on Sunday, December 29, 2024: Tax season is officially here, and we are once again tracking all of this year’s best deals on TurboTax software. As always, TurboTax offers several discounts and promotions throughout the year, here’s a breakdown of the latest offers available through January 31, 2025:
1. Extra 10% Off TurboTax Online
TurboTax is offering an additional 10% off on all online federal tax products when purchased directly through Intuit. This discount is on top of their early-season promotion, which offers savings of up to 40%. Note that this offer applies exclusively to federal products, not state filings, and cannot be combined with other TurboTax promotions. Act fast, as this deal expires on January 31, 2025.
2. Free Edition for Simple Returns
For taxpayers with basic tax situations, TurboTax offers a Free Edition. This option allows you to file both federal and state taxes at no cost. Designed for simple returns, such as those requiring only a Form 1040, it supports limited credits, including the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, this edition doesn’t cover more complex tax situations like business ownership, investments, or itemized deductions. Approximately 37% of taxpayers qualify for this free option, making it an excellent choice for those who meet the criteria.
3. 50% Off QuickBooks Solopreneur Bundle
If you’re a freelancer or self-employed, QuickBooks’ Solopreneur Bundle might suit your needs. This bundle is available at a 50% discount for the first three months, reducing the monthly cost from $20 to $10. It’s a great option for managing both taxes and day-to-day financial tracking.
4. Military Discounts
TurboTax continues to support active military personnel with its Freedom Edition. This free filing option is available to service members ranked E1 through E9 and requires a military W-2 from the 2024 tax year. Higher-ranking members are still eligible for discounted pricing, ensuring that all military personnel can access affordable tax filing.
5. Discounts Through Financial Institutions
TurboTax partners with banks and credit unions across the country to offer exclusive discounts. That includes partners such as Bank of America, AAA, Fidelity, Schwab, BECU and AMEX. Check your bank or credit union’s website, typically under the “deals” or “partnerships” section, to see if special offers are available.
TurboTax Discounts for PenFed Members
PenFed, short for Pentagon Federal Credit Union, is offering its members several finance-released discounts for tax preparation this year. As in previous years, PenFed members can enjoy 20% off TurboTax federal tax products. Additionally, members can access discounts of up to $25 on H&R Block tax preparation software. These discounts are activated through special links provided in members’ PenFed accounts—no promo codes are needed.
To claim these offers:
- Log in to your PenFed account.
- Navigate to the relevant tax preparation discount link in the “Offers” or “Partnerships” section.
- Follow the provided link to apply the discount automatically during your purchase.
Pentagon Federal Credit Union: A Trusted Financial Partner
PenFed has a rich history as one of the largest credit unions in the United States. Founded in 1935, PenFed was originally established to serve members of the military and their families. Today, it has expanded its membership to include civilians, offering a wide range of financial products, including loans, credit cards, and savings accounts.
PenFed and Taxes
PenFed provides comprehensive resources to help its members manage tax season efficiently. From discounts on tax preparation software to easy access to year-end tax statements, PenFed members can take advantage of several tools to make filing taxes less stressful.
Accessing Tax Statements Online
PenFed members can view their tax documents online through their accounts. Here’s how:
- Log in to PenFed Online.
- Click “Other Actions” and select “Get Year-End Information.”
- Navigate to the “Tax Statements” tab.
- Download or view your relevant tax forms, such as Form 1098, 1099, or 5498.
PenFed offers a variety of tax forms based on account types and transactions, including:
- 1098: Mortgage interest statements.
- 1099-INT: Interest income from savings or checking accounts.
- 5498: IRA contributions.
For members who prefer electronic tax statements, PenFed provides an option to go paperless. To enroll, simply follow the e-statement sign-up instructions in your online account before January 10, 2025.
Key Benefits of PenFed Membership During Tax Season
Exclusive Discounts
PenFed members receive access to significant savings on TurboTax and H&R Block products. These partnerships make it easier for members to file taxes without spending a fortune on professional services.
Convenient Tax Resources
PenFed’s online platform offers an intuitive way to access year-end tax summaries and critical forms. Whether you need a mortgage interest statement (Form 1098) or retirement distribution details (Form 1099-R), you can find everything in one place.
Tailored Financial Solutions
As a credit union, PenFed prioritizes member needs. With competitive rates on loans and savings accounts, PenFed supports financial stability throughout the year. During tax season, this translates into fewer headaches and more resources to navigate financial obligations.
Drawbacks of Using PenFed for Tax Resources
While PenFed offers several tax-related advantages, it’s important to consider the potential downsides:
- Limited Form Availability: Not all tax forms are provided. For example, PenFed does not issue forms for external financial transactions or accounts not tied to the credit union.
- Digital Dependence: Accessing tax statements requires internet connectivity and familiarity with PenFed’s online platform, which could pose challenges for less tech-savvy members.
Membership and Enrollment
Joining PenFed is straightforward. While it initially served military members, PenFed has since expanded its membership criteria. Today, anyone can join by opening a savings account with a minimum deposit of $5. Membership provides access to PenFed’s full suite of financial products, including loans, mortgages, and tax preparation benefits.
Our Final Thoughts
TurboTax’s 2025 discounts and PenFed’s exclusive member offers make tax season a little more manageable. Whether you’re filing a simple return or need advanced tools for a complex situation, these promotions provide valuable savings. PenFed’s resources, including access to year-end tax documents and tailored financial services, enhance the overall experience, making it a solid choice for anyone seeking support during tax season.