TurboTax Introduces Faster, Affordable Tax Refund Solutions for the 2024 Tax Season
As the 2024 tax season kicks off, Intuit Inc. (Nasdaq: INTU), the global financial technology platform behind TurboTax, Credit Karma, QuickBooks, and Mailchimp, has unveiled a suite of innovative offerings designed to help taxpayers access their refunds faster and more affordably than ever before. TurboTax is leading the charge with groundbreaking solutions, including the only do-it-yourself mobile app offer for completely free federal and state tax preparation, regardless of tax complexity. Additionally, TurboTax is introducing the first and only fast refund guarantee, ensuring federal tax refunds are delivered 5 days early into any U.S. bank account—a game-changer for millions of Americans who rely on their tax refunds as their largest paycheck of the year.
Why Faster Refunds Matter
For many Americans, the tax refund—averaging over $3,000—is a lifeline that helps cover essential expenses. According to a generational tax survey conducted by Talker Research on behalf of TurboTax, 93% of Gen Z filers expect to receive a refund this year, with plans to use it for necessities like rent, debt payments, and daily living expenses. Access to faster refunds can make a significant difference in their financial stability:
- 20% could avoid late debt fees.
- 35% would be able to pay rent on time.
- 35% could pay down existing debt.
These findings underscore the importance of timely access to refunds, particularly for younger generations like Gen Z and Millennials, who prioritize financial responsibility and stress reduction.
TurboTax’s Fast Money Offerings
TurboTax is revolutionizing how consumers access their refunds with two key offerings:
1. NEW! 5 Days Early Refund Guarantee
TurboTax is the first and only provider to guarantee federal tax refunds 5 days before IRS settlement, delivered directly into any U.S. bank account. For a flat fee of $25, customers can get their refunds early, regardless of their banking institution. If TurboTax fails to deliver the refund 5 days early, the fee is waived.
In addition, TurboTax continues to offer the option to deposit refunds into a Credit Karma Money™ account, with funds delivered up to 5 days early at no additional cost. This flexibility ensures that taxpayers can access their money where they need it most.
2. Refund Advance
For those who need immediate access to funds, TurboTax offers Refund Advance, a no-fee, no-interest loan of up to $4,000. Approved customers can receive their funds in as little as 60 seconds after IRS acceptance of their tax filing, deposited directly into a Credit Karma Money™ account. With $0 loan fees, 0% APR, and no impact on credit scores, Refund Advance provides a stress-free way to access critical funds quickly.
Unbeatable Pricing and Free Filing Options
TurboTax is not only focused on delivering faster refunds but also on making tax filing more affordable and accessible. The company is offering the only free do-it-yourself federal and state filing option available to all filers, regardless of tax complexity. Through its Free Mobile App Offer, anyone new to TurboTax—or those who didn’t file with TurboTax last year—can prepare and file their taxes for free using the TurboTax mobile app through February 18, 2025. No other tax preparation provider offers a comparable deal.
For assisted filers, TurboTax is introducing the Beat Your Price Offer starting January 15, 2025. Customers who choose TurboTax Live Full Service and file by March 25, 2025, are guaranteed a minimum 10% reduction in fees compared to what they paid their tax professional last season. This ensures exceptional value for those seeking expert assistance.
Empowering Financial Responsibility Across Generations
TurboTax’s generational tax survey highlights how different age groups plan to use their refunds:
- Gen Z and Millennials: Prioritize paying off debt (35%), covering rent (35%), and reducing financial stress (35% for Gen Z, 32% for Millennials).
- All Generations: Focus on essentials like housing (33%) and savings (43%) over discretionary spending such as travel (13%) or entertainment (8%).
- Investing Trends: Gen Z leads the way in investing refunds in stocks, bonds, or crypto (19%), followed by Millennials (16%), Gen X (10%), and Baby Boomers (6%).
- Entertainment Spending: Gen Z is more likely to spend refunds on concerts and sporting events (14%) compared to other generations (Millennials 9%, Gen X 5%, Baby Boomers 1%).
These insights demonstrate that while generational priorities may differ, the common thread is a focus on financial responsibility and planning for the future.
Commitment to Accuracy, Speed, and Simplicity
“TurboTax’s accuracy and maximum refund guarantees, coupled with our faster access to crucial money, deliver an unparalleled experience,” said Mark Notarainni, Executive Vice President and General Manager of Intuit’s Consumer Group. “We’re not just meeting a financial need; we’re doing it with speed, simplicity, and unmatched affordability.”
TurboTax’s suite of offerings empowers customers to take control of their finances with ease, whether they’re filing independently or seeking expert assistance. By providing faster refunds, unbeatable pricing, and free filing options, TurboTax is setting a new standard for tax preparation services.
Availability and Accessibility
TurboTax products for tax year 2024 are now available for consumers and small businesses in both English and Spanish at www.TurboTax.com, the Apple App Store, and the Google Play Store. Credit Karma tax products are also available in English via the Credit Karma app.
TurboTax Leads the Way in Tax Innovation
With its groundbreaking 5 Days Early Refund Guarantee, free mobile app offer, and affordable assisted filing options, TurboTax is redefining the tax preparation experience. By addressing the financial needs of all generations—from Gen Z to Baby Boomers—TurboTax is empowering taxpayers to access their refunds faster, save money, and achieve greater peace of mind. As the 2024 tax season unfolds, TurboTax remains committed to delivering speed, simplicity, and unparalleled value to its customers.
For more information, visit TurboTax.com or download the TurboTax app today.
