Intuit, the company that owns Turbo Tax, announced that it will no longer participate in the IRS's Free File program in July.
Turbo Tax had offered free e-file services that were featured on the IRS website for years.
Turbo Tax is still offering a free file option on its website, but there are some limitations for users. Those that have used the free file service in the past may not be able 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.
The free service is only available to people filing a simple tax return. That uses a 1040 form 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, and student loan Interest deductions.
One of the two options allows customers to have access to an expert to help answer questions, with the filing deadline for this service on March 31. The other option (full service) puts people in contact with a professional who will prepare their taxes, and the deadline for that is on Feb. 15.
Customers that won't be allowed to use the free service 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, and 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,” Intuit said.
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