Updated on Tuesday, December 31, 2024: Tax season is back again and if you’re planning on using TurboTax to file your return this year, there are a range of savings tailored to different needs. Here’s a summary of the current TurboTax deals than you can pick up through the end of January, 2025:

• Extra 10% Off TurboTax Online: TurboTax is offering an additional 10% off instant coupon on its federal products when purchased directly through Intuit. This is on top of early-season savings of up to 40%. Note that the offer excludes state products and cannot be combined with other discounts. The promotion is valid through January 31, 2025.
• TurboTax Free Edition for Simple Returns: For individuals with straightforward tax filings, the Free Edition allows users to file both federal and state taxes at no cost. It supports basic tax situations such as Form 1040 filings and select credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, only around 37% of taxpayers qualify, as it doesn’t handle more complex filings, such as those involving business ownership, investments, or itemized deductions.
• TurboTax Freedom Edition for Military Members: Active-duty military personnel ranked E1 to E9 can access TurboTax Freedom Edition for free. Higher-ranking service members receive a discount rather than free access. Eligibility requires a military W-2 tax form from 2024.
• Collaborations with Financial Institutions: TurboTax often partners with major banks and credit unions to provide exclusive discounts for qualifying members. Some of the more popular partnerships include Bank of America, AAA, Fidelity Investments, Vanguard, Bethpage, NFCU, and Charles Schwab. Check your financial institution’s portal under the “deals” or “partnerships” sections to find potential offers.
• H&R Block Discount: For those exploring alternatives, H&R Block is offering a 20% discount on all tax software versions until January 31, 2025. This includes Basic, Deluxe+State, Premium, and Premium & Business. Users can import their previous year’s TurboTax data (.tax or PDF files) seamlessly.

No TurboTax Discount for Wells Fargo Customers in 2025

Unlike previous years, it appears that TurboTax is not providing a discount for Wells Fargo customers during the 2025 tax season. Historically, TurboTax had partnered with Wells Fargo to offer exclusive savings on its tax preparation products, but this collaboration is not in place this year. While this change may disappoint some Wells Fargo account holders, there are still other discounts available through TurboTax’s promotions or partnerships with other financial institutions. For Wells Fargo customers, taking advantage of TurboTax’s direct discounts or exploring alternatives like H&R Block may be the best options.

Wells Fargo: History, Services, and Tax-Related Information

Wells Fargo, one of the largest financial institutions in the United States, traces its roots back to 1852. Established during the California Gold Rush, the company began as a banking and express delivery service. Over the decades, it expanded to become a household name in financial services, with offerings that include banking, investments, and lending.

Signing Up for Wells Fargo Services

Opening an account with Wells Fargo can be done online or at one of its many branch locations nationwide. Customers can choose from various account types, such as checking, savings, credit cards, mortgages, personal loans, and investment accounts. The bank also provides digital banking services, allowing users to manage their accounts, transfer funds, and pay bills through its mobile app and website.

Tax Documents and Deadlines for Wells Fargo Customers

Wells Fargo issues tax documents based on account activity, and understanding these documents is crucial for tax preparation. Here’s an overview of the types of tax documents Wells Fargo provides:

• Checking, Savings, or Other Deposit Accounts: If you earned $10 or more in interest, you’ll receive a 1099-INT form.
• Mortgage and Home Equity Accounts: Customers who paid interest on their loans will receive a 1098 form.
• Brokerage Accounts: Tax documents are issued if you earned $10 or more in dividends, interest, or capital gains distributions. Proceeds from sales are also reported.
• Retirement Accounts: A 1099-R form is provided for distributions of $10 or more.
• Trust Accounts: Tax documentation depends on the specific activity within the account. For detailed information, customers are advised to contact their Relationship Manager.

Tax documents are mailed no later than January 31, or February 15, 2025 for brokerage accounts. For those who close their accounts, paper tax documents will be sent by mail. Active customers with online access can download their documents via the Wells Fargo portal.

Tax Season Tips for Wells Fargo Customers

• Reviewing Statements: Check year-end statements to verify whether you should receive tax documents. For example, a 1098 form is issued only if you paid interest on a mortgage loan, while a 1099-INT is provided for earning $10 or more in interest on deposit accounts.
• Accessing Documents Online: Use Wells Fargo’s online banking platform to view and download tax forms. Note that while you can print these documents, they cannot be directly uploaded to tax preparation software like TurboTax.
• Brokerage and Retirement Accounts: Federal reporting requirements may result in discrepancies between year-end statements and official tax documents. If unsure, consult a financial advisor or Relationship Manager.

Wells Fargo’s Role in Financial Planning

Wells Fargo offers various tools and resources to help customers manage their finances, including:

• Budgeting Tools: Through its mobile app, customers can track spending, set savings goals, and analyze financial trends.
• Investment Options: Wells Fargo’s investment arm provides opportunities to grow wealth through mutual funds, stocks, bonds, and retirement accounts.
• Credit Resources: The bank offers credit counseling and monitoring to help users maintain good credit health.
• Educational Content: Wells Fargo’s website features articles and tools to educate customers on financial topics, including saving for taxes and managing debt.

Benefits and Drawbacks of Banking with Wells Fargo

Benefits:

• Wide Accessibility: With thousands of branches and ATMs nationwide, Wells Fargo offers convenient access to banking services.
• Comprehensive Product Line: The bank provides a wide range of financial products, making it a one-stop shop for many customers.
• Robust Digital Tools: The Wells Fargo app and online banking platform are user-friendly and packed with features.

Drawbacks:

• Fees: Some accounts come with monthly maintenance fees, which can be waived only under certain conditions.
• Past Controversies: Wells Fargo has faced scrutiny for past practices, including account fraud scandals. While the bank has taken steps to rebuild trust, some customers remain cautious.
• No TurboTax Discount in 2025: This year’s lack of a TurboTax partnership might be a disadvantage for those accustomed to this perk.

Tax Filing Tips for Wells Fargo Customers

• Organize Early: Gather all necessary documents, such as W-2s, 1099s, and year-end account statements, well before the filing deadline.
• Leverage Resources: Use Wells Fargo’s financial tools to track deductible expenses, such as mortgage interest or charitable contributions.
• Consult Professionals: If your tax situation is complex, consider working with a tax advisor or using comprehensive software like TurboTax or H&R Block.

By staying informed about Wells Fargo’s offerings and utilizing available resources, customers can streamline their tax preparation process and make the most of the 2025 tax season.