Top TurboTax Discounts Available in January 2025

Tax season is here, and if you’re on the hunt for savings on TurboTax to make filing a little easier (and cheaper), January is one of the best times to secure a discount. TurboTax offers a variety of promotions to fit different needs, whether you’re filing as a student, a self-employed individual, or active-duty military personnel. Below is a breakdown of the top TurboTax discounts available this month, along with tips on how to make the most of them.

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1. 40% Off + An Extra 10% Off TurboTax Online Federal Products

One of the best deals on TurboTax right now is their early season sale at up to 40% off + an EXTRA 10% off on top of that, applicable on all of TurboTax’s federal online products (which you can pick up here). This deal is flexible, allowing you to choose from different service tiers based on your tax preparation needs:

• Do-It-Yourself Versions: These are ideal for those who are comfortable handling their taxes on their own with the help of TurboTax’s user-friendly software.
• Live Assisted Versions: For those who might want a little extra help, these versions provide access to tax experts who can guide you through the process.
• Full Service Versions: If the thought of doing your taxes makes you shudder, this option lets TurboTax’s team handle the entire process for you.

The extra 10% discount is valid through January 31, 2025, so there’s plenty of time to take advantage of it before the end of the month.

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2. 50% Off QuickBooks Solopreneur (with Live Assisted Tax)

For small business owners or freelancers, this deal is a standout. You can get 50% off the first three months of the QuickBooks Solopreneur. Normally priced at $20 per month, this promotion brings the cost down to just $10 per month (learn more).

QuickBooks Live Assisted Tax offers self-employed individuals a seamless way to file taxes with unlimited expert help, ensuring accuracy and maximizing deductions. Designed for Solopreneur subscribers filing Schedule C (Form 1040), it integrates directly with QuickBooks to streamline the process by giving tax experts access to your financial data. You’ll receive personalized advice to uncover industry-specific tax credits and deductions, backed by a 100% Accurate, Expert Approved Guarantee. Throughout the year, a team of TurboTax experts is available on-demand to answer questions, and if you face an audit, they’ll provide one-on-one guidance. The process is simple: prepare your books in QuickBooks, connect with experts via phone, chat, or live video for insights and assistance, and file confidently after a final expert review. You only pay when you file.

This deal is ongoing but is available only to new QuickBooks customers, so it’s worth jumping on if you’re considering it with TurboTax.

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3. Military Discount for Active-Duty Personnel

Active-duty military members and reservists ranked E1 through E9 can qualify for free federal and state filing with TurboTax Deluxe, Premier, or Self-Employed. This is a generous offer, but there are some restrictions to keep in mind:

• The military discount applies only to TurboTax’s online products.
• It excludes TurboTax Live and Desktop (CD/download) versions.
• You’ll need a W-2 from DFAS to qualify for the free filing offer.

For military veterans and retirees, the standard TurboTax discounts (like the 10% federal product deal) will apply. If you fall into the active-duty category, this promotion is an excellent way to file your taxes without any out-of-pocket cost.

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4. TurboTax for College Students

If you’re a college student filing taxes for the first time, TurboTax offers features designed to make the process straightforward and stress-free. With guidance tailored to first-time filers, the software walks you through the process step by step.

Many students can take advantage of education-related tax breaks, such as education credits and deductions that could add up to over $1,000 back in refunds. If you’re an international student, TurboTax also partners with Sprintax, which specializes in non-resident tax preparation, ensuring you meet the specific requirements for filing as an international student.

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5. TurboTax Free Edition

For taxpayers with simple returns, TurboTax’s Free Edition is a great option. With this version, you can file both your federal and state taxes without spending a dime. Simple returns typically cover:

• Simple Form 1040 returns only.
• Limited credits (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest).

However, it’s worth noting that only about ~37% of taxpayers qualify for the Free Edition. If your return involves more complex situations, such as owning a business or investment income, you’ll likely need to upgrade to one of TurboTax’s paid tiers.

Still, if your situation is straightforward, this deal offers unbeatable value.

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6. Bank and Credit Union Offers

TurboTax has long-standing partnerships with major financial institutions like Bank of America, Chase, Citi, and Wells Fargo to offer exclusive discounts to their customers. While many of these partnerships are expected to return in early 2025, the exact details for some institutions haven’t yet been announced.

Bank of America Discount

One deal we’ve seen before is a $20 cashback offer for Bank of America customers who pay for TurboTax products using a qualifying Bank of America credit or debit card. Here’s how it works:

• Activate the offer in your Bank of America account.
• Spend a minimum of $39 on a TurboTax online product while using the bank card tied to your Bank of America account.
• Receive $20 cashback, which will be credited to your account within 30 days (or after the next billing cycle).

This offer has typically been available throughout the tax season, and it’s worth checking your Bank of America online account to see if it’s active. Navigate to the “cash back deals” section, where you’ll find the offer if it’s live (see examples below).

Other banks may have similar promotions, so if you bank with institutions like Chase or Citi, keep an eye out for announcements in the coming weeks.

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Are Financial Institution Discounts as Good as They Used to Be?

In recent years, some users have noticed that bank-affiliated TurboTax discounts don’t pack the same punch they once did. One reason could be the increased exposure of these offers, as they’re often widely shared on social media and forums like Reddit. Additionally, partnering with financial institutions likely involves advertising fees or commissions for TurboTax, which could impact the size of the discounts available to consumers.

While deals like the $20 Bank of America cashback offer are still valuable, they’re not as substantial as some of the larger discounts offered directly through TurboTax. It’s always a good idea to compare bank promotions with TurboTax’s own website offers to ensure you’re getting the best deal.

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Questions & Comments

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