Credit Karma Reverses Tax Script This Season | News

OAKLAND, Calif .– (BUSINESS WIRE) – December 20, 2021–

Credit Karma, the consumer tech platform with over 110 million members in the United States, has launched a new tax experiment to reduce tax stress, uncertainty and complexity and to help members to get the most out of their reimbursement. This includes seamless tax reporting via TurboTax and faster access to in-season refunds through early deposit and advance refund programs, as well as a deeper insight into their finances throughout the season. year. With this integration, Intuit’s Credit Karma and TurboTax (NASDAQ: INTU) will offer most tax filers with straightforward tax returns the ability to file taxes with TurboTax directly in the Credit Karma app and access faster to their repayment with Credit Karma Money. 1

Additionally, Credit Karma will launch a new feature to provide its members who have already filed their taxes with TurboTax with rich information about their finances, income and taxes on an ongoing basis. Members will also be able to estimate their repayment and review current tax conditions to help them better understand their finances, navigate life’s events, and plan for the future.

“Like credit scores, taxes are an essential part of our financial life. However, for much of the year, taxes are largely ignored by consumers. This is because they can be intimidating and confusing for most people. This is an issue that we are well positioned to solve, especially now that we are part of the Intuit family, ”said Ken Lin, Founder and CEO of Credit Karma. “By joining forces with TurboTax, we believe we can deliver more value to our members, by giving them greater visibility into their income and taxes throughout the year, and by providing them with a reporting experience. fluid and top-notch income. “

Credit Karma leverages innovative technologies from Intuit with its latest integration with TurboTax, the leader in online tax preparation. Now, Credit Karma members who choose to file their taxes with TurboTax in the Credit Karma app will be able to enjoy the best of both products, plus special offers and discounts. For example, some tax filers who choose to deposit their entire refund into a Credit Karma Money Spend 2 account will be able to file their taxes for free with TurboTax. 3 Additionally, TurboTax filers who choose to deposit their reimbursement into an expense account may receive their reimbursement sooner by direct deposit. 4 Some eligible filers may even have the chance to receive a portion of their refund even earlier, in some cases as soon as an hour after the IRS accepts their return 5, through the TurboTax Refund Advance 6 program.

“Repayments are often the biggest salary of the year for many Americans, on average about $ 2,800 per person. At the same time, 60% of Americans cannot find $ 1,000 in an emergency. We want to close this gap by helping consumers access their refund faster and providing them with a better place to receive and manage their money, ”said Poulomi Damany, Managing Director of Assets and Taxes at Credit Karma. “With Credit Karma Money, members have access to a suite of tools to help them manage their bills, save money and, for some members, create credit. “

Financial Information, a new feature of the Credit Karma app, will provide members who have already filed their taxes with TurboTax with an overview of information from their previous years’ tax returns, along with a breakdown of other key tax statistics, such as previous refunds. amounts, effective tax rates and the amount of taxes paid at the state and federal level. Additionally, members will be able to see how their data is changing over time and how it compares to others with similar profiles.

About Credit Karma

Founded in 2007 by Ken Lin, Credit Karma, an Intuit Company (Nasdaq: INTU), is a consumer technology company with more than 120 million members in the United States, United Kingdom and Canada, including nearly half of all American millennials. Although they are best known for pioneering free credit scores, company members look to Credit Karma for everything related to their financial goals, including identity monitoring, card applications. credit, loan purchases (auto, home and personal), auto insurance, savings accounts and now checking accounts through our banking partner, MVB Bank, Inc., FDIC member – all for free. Find out how Credit Karma members are making financial progress on TikTok, Instagram, Facebook and Twitter.

About Intuit

Intuit is the global technology platform that helps consumers and small businesses overcome their biggest financial challenges. Serving more than 100 million customers around the world with TurboTax, QuickBooks, mint, Credit Karma, and Mailchimp, we believe everyone should have the opportunity to prosper. We keep working to find new, innovative ways to make this possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

1 The offers mentioned in this press release will only be available to Credit Karma members who have not already declared their taxes to Credit Karma Tax. Members who have already filed their taxes with Credit Karma Tax will not be eligible to receive the same discounts and offers during tax season 2021 that are available to those who have not. A simple income tax return is Form 1040 only.

2 Banking services provided by MVB Bank, Inc., FDIC member. Maximum balance and transfer limits apply. Third party charges may apply. Please see Account Terms and Disclosures for more information.

3 Eligibility and conditions apply to the free deposit.

4 If you choose to pay your tax preparation fees with TurboTax using your federal tax refund or if you choose to take out the Refund Advance loan, you will not be eligible to receive your prepayment. This early access program may change or terminate at any time. Early access to your federal tax refund is compared to standard tax refund electronic filing and is dependent on and is subject to the IRS submitting refund information to the bank prior to the posting date. The IRS may not submit early repayment information.

5 Most clients receive funds for the repayment advance within 1 to 2 hours of accepting the IRS electronic file. Estimated IRS acceptance begins in late January.

6 The Refund Advance loan is provided by First Century Bank, NA, FDIC member, not affiliated with MVB Bank, Inc., FDIC member. The repayment advance is facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Ituit Inc.

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CONTACT: Stéphanie Cook

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SOURCE: Credit Karma

Copyright Business Wire 2021.

PUB: 12/20/2021 9:00 a.m. / DISC: 12/20/2021 9:02 a.m.

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