Updated on Tuesday, December 31, 2024: It’s that time of the year again… it’s tax season. And as always, we’re tracking the latest discounts on TurboTax to help you ease some of that financial pressure. Here are the current offers available through January 2025, including exclusive deals and tailored benefits for various groups (including those for SDCCU members):
1. Extra 10% Off TurboTax Online Versions
TurboTax is offering an additional 10% discount on its Online versions when purchased directly through Intuit. This discount applies exclusively to federal tax products, not state filings. The savings stack on top of early-season discounts, which can go up to 40%. However, note that this offer cannot be combined with other promotions. Be sure to take advantage before it expires on January 31, 2025.
2. TurboTax Free Edition for Simple Returns
If your tax situation is straightforward, TurboTax’s Free Edition is an excellent option. This version allows you to file both federal and state taxes at no cost, provided you qualify. It supports basic returns like Form 1040 and limited credits, such as the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, only around 37% of taxpayers meet the criteria, as this edition does not accommodate complex situations like business ownership, itemized deductions, or investments.
3. 50% Off QuickBooks Solopreneur Bundle
Entrepreneurs can benefit from a significant discount on the QuickBooks Solopreneur Bundle. This offer reduces the monthly cost from $20 to $10 for the first three months, helping self-employed individuals manage their finances and tax preparation with ease.
4. TurboTax Freedom Edition for Military Members
Active-duty military personnel ranked E1 through E9 can file their taxes for free using the TurboTax Freedom Edition. Those ranked higher can still access a discounted version. A military W2 form from fiscal year 2024 is required to activate the discount. This initiative supports service members by offering cost-effective tax filing solutions.
5. Partner Discounts Through Financial Institutions
TurboTax collaborates with a number of banks and credit unions across the country to provide exclusive member discounts. That includes major partners such as Bank of America, AAA, Fidelity Investments, LMCU, OceanFirst, and Coinbase. Check your institution’s online portal under “deals” or “partnerships” to see if any offers apply to you.
6. Competitor Discounts: H&R Block Offers
For those considering alternatives to TurboTax, H&R Block is offering a 20% discount on all versions of its tax software through January 31, 2025. This includes Basic, Deluxe+State, Premium, and Premium & Business. Switching from TurboTax is seamless, with the ability to import last year’s tax return data in just seconds using .tax or PDF files.
TurboTax and San Diego County Credit Union (SDCCU) Partnership
For years, San Diego County Credit Union (SDCCU) has partnered with TurboTax to offer its members exclusive tax filing benefits. For the 2025 tax season, SDCCU members can access a 20% discount on TurboTax federal products. The offer applies solely to federal filings and excludes state filings. Members can find the link to the discounted TurboTax software directly through their online SDCCU accounts.
To redeem this discount, simply log into your SDCCU account, navigate to the Member Perks page, and follow the link to TurboTax. Terms and conditions may apply, and the offer cannot be combined with other promotions. For those who prefer in-person assistance, SDCCU members also receive $25 off H&R Block’s in-office tax preparation services.
About San Diego County Credit Union (SDCCU)
Background and History
Founded in 1938, San Diego County Credit Union began as a small institution serving local county employees. Over the decades, it has grown into one of California’s largest credit unions, serving over 400,000 members. Despite its expansion, SDCCU remains a not-for-profit organization, which means its profits are reinvested into member benefits like lower loan rates, higher savings yields, and reduced fees.
SDCCU offers a wide range of financial products and services, including savings and checking accounts, loans, mortgages, credit cards, and investment services. Its commitment to innovation and member satisfaction has earned it numerous awards and accolades over the years.
Membership and Eligibility
Membership is open to anyone who lives or works in San Diego, Riverside, or Orange counties. Joining SDCCU is straightforward. You can apply online or visit a local branch. A small initial deposit of $1 into a savings account is required to establish membership.
Services and Benefits
SDCCU provides various services that can simplify tax season and overall financial management:
- Direct Deposit: Members can set up direct deposit to receive their tax refunds quickly and securely. SDCCU’s ABA Routing Number is 322281617. Be sure to include your account suffix at the end of your account number when setting this up.
- Online Banking: The Internet Branch platform allows members to view account details, access tax documents, and track transactions. Your account number is easily accessible through the online banking portal for direct deposit purposes.
- Tax Documents: Tax forms such as 1099s and 1098s are available through the online Tax Center by January 31, 2025. These forms can also be mailed to members upon request.
- Member Perks: Beyond TurboTax discounts, SDCCU offers other financial benefits and tools designed to help members achieve their financial goals.
Tips for Simplifying Tax Season
Filing taxes can be daunting, but a few proactive steps can make the process smoother:
1. Stay Up-to-Date on Tax Changes
Tax codes evolve regularly, and staying informed can help you maximize deductions, credits, and refunds. The IRS website (irs.gov) is a reliable source for updates.
2. Choose the Right Filing Status
Selecting the correct tax filing status is essential. Options include single, head of household, married filing jointly, married filing separately, and qualified widow or widower. Your status impacts your standard deduction and income tax bracket, directly affecting your tax liability.
3. DIY Filing
For those with straightforward tax situations, consider filing online to save on preparation costs. If eligible, you can have your refund deposited directly into your SDCCU account, making the process even more convenient.
4. Leverage Tax Credits
Tax credits reduce your tax liability dollar-for-dollar, unlike deductions that only reduce taxable income. Common credits include the Earned Income Tax Credit (EITC) and the Child Tax Credit. While these can be harder to qualify for, they offer significant savings.
5. File Early
Federal tax returns are due on April 15, 2025. Filing early ensures you receive your refund sooner and reduces the risk of missing deadlines. Organizing documents ahead of time can prevent last-minute scrambling.
6. Plan for Your Refund
If you expect a refund, consider contributing it to an IRA or other retirement account. Contributions are often tax-deductible, providing future financial benefits.
Benefits and Drawbacks of SDCCU
Benefits
- Lower Fees: As a not-for-profit organization, SDCCU often charges lower fees compared to traditional banks.
- Higher Savings Rates: Members typically enjoy higher yields on savings accounts and certificates of deposit (CDs).
- Community Focus: SDCCU actively supports local initiatives and charities, reflecting its commitment to the communities it serves.
- Convenient Access: With multiple branches, online banking, and a robust mobile app, SDCCU makes managing finances easy.
Drawbacks
- Membership Restrictions: Eligibility is limited to residents or workers in select counties, which may exclude some potential members.
- Branch Availability: While SDCCU has numerous branches in Southern California, its reach is geographically limited compared to national banks.
Financial Planning for Tax Season
SDCCU’s tools and resources can help you navigate tax season with confidence. Whether you’re filing independently with TurboTax or seeking professional assistance, the credit union’s discounts and direct deposit options streamline the process. For additional support, members can access educational resources and consult with SDCCU’s financial advisors to optimize their tax strategies and overall financial health.