Turbo Tax opts out of IRS’s Free File program
FOSTER CITY, CA – JANUARY 28: TurboTax products sit on display at Costco on January 28, 2016 in Foster City, California. (Photo by Kimberly White/Getty Images for TurboTax)
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ALBANY, N.Y. (WTRN) – Intuit, the company that owns Turbo Tax, said that it would no longer be participating in the IRS’s Free File program in July. For years, the company offered free e-file services and was featured on the IRS website.
Turbo Tax does have a free file option on its website, even though it is not participating in the IRS’s program. There are limitations on who can use its free service, and people who have used Turbo Tax’s free file service in the past may find themselves unable to this year.
“This decision will allow us to focus on further innovating in ways not allowable under the current Free File guidelines and to better serve the complete financial health of all Americans through all of our products and services, in tax preparation and beyond,” Intuit said.
Turbo Tax’s free service is only available to people who are filing a simple tax return. There are two options, one allows customers access to an expert to get questions answered, the filing deadline for this service is March 31. The other option (full service) puts customers in touch with a professional who will prepare their taxes, the filing deadline for that service is Feb. 15.
Who can use Turbo Tax’s free services?
Turbo Tax said a simple tax return uses Form 1040 and covers:
- W-2 income
- Limited interest and dividend income reported on a 1099-INT or 1099-DIV
- Claiming the standard deduction
- Earned Income Tax Credit (EIC)
- Child tax credits
- Student loan Interest deductions
Who can’t use their free service?
Customers who have:
- Itemized deductions (like mortgage or property deductions)
- Unemployment income reported on a 1099-G
- Business or 1099-NEC income
- Stock sales
- Income from rental property
- Credits, deductions and income reported on schedules 1-3
- Charitable donations
- Education expenses
“We are obsessed with helping millions of Americans looking to take charge of their finances so they can prosper. Intuit’s AI-driven expert platform makes it simple for consumers to make better financial decisions, helping them not only receive their maximum refund but empowering them by putting control in their hands so they can make smart money decisions and realize their financial dreams,” the company said.
