As tax season approaches, finding the right tools and discounts can make a significant difference in both cost and ease of preparation. TurboTax, one of the leading tax preparation platforms, offers a variety of discounts this January. Whether you’re filing simple taxes or navigating a more complex financial situation, these deals can help you save. If you’re a Robinhood user, you’ll also find tailored offers to help streamline your tax filing process. Let’s dive into the details.
Extra 10% Off TurboTax Federal Products (Up to 50% Total Savings!)
TurboTax is currently offering an extra 10% off their federal online products, enhancing the savings already available through their early-season sale. Depending on the service tier you choose, you could save up to 50% in total. This promotion applies across all TurboTax tiers, each catering to specific filing needs:
- Do-It-Yourself Versions: These are ideal for those confident in filing taxes independently with TurboTax’s user-friendly tools.
- Live Assisted Versions: Perfect for those who want on-demand guidance from tax experts throughout the filing process.
- Full-Service Versions: Best for individuals who prefer a professional team to manage and file their taxes completely.
This promotion is available until January 31, 2025, giving you plenty of time to lock in savings. Preparing your taxes early not only reduces stress but can also help identify additional deductions or credits to maximize your refund.
50% Off QuickBooks Solopreneur Plan (With Live Assisted Tax)
Freelancers and small business owners will appreciate TurboTax’s partnership with QuickBooks, which offers a significant discount on the QuickBooks Solopreneur plan. For new customers, the first three months are 50% off, reducing the monthly fee from $20 to just $10. This plan is a particularly valuable choice for those filing a Schedule C.
With QuickBooks Live Assisted Tax, you gain access to:
- Unlimited consultations with tax experts who can identify eligible deductions and ensure accuracy.
- Seamless integration of QuickBooks financial data with TurboTax for streamlined filing.
- Personalized advice tailored to your industry.
- On-demand audit support for peace of mind.
- A 100% Accurate, Expert-Approved Guarantee.
This deal is exclusively for new QuickBooks customers and offers a straightforward solution for simplifying tax preparation alongside daily bookkeeping.
TurboTax Free Edition: The Best Option for Simple Tax Returns
If your tax situation is straightforward, you might qualify for TurboTax’s Free Edition, which allows you to file both federal and state taxes at no cost. A simple return typically involves:
- Filing a basic Form 1040.
- Limited credits, such as the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), or Student Loan Interest Deduction.
- No additional schedules or significant financial complexities.
While approximately 37% of taxpayers qualify for this free option, those with more intricate tax needs, such as owning a business or dealing with substantial investment income, will need to consider one of TurboTax’s paid plans.
How Robinhood Customers Can Access TurboTax Discounts
If you’re a Robinhood user, accessing TurboTax discounts is a straightforward process. Here’s how you can take advantage of these offers:
- Log in to your Robinhood account via the app or website.
- Navigate to the Help Center and select Documents & Taxes.
- Click on TurboTax Troubleshooting and follow the affiliate link under “How do I get my TurboTax discount?”
Robinhood customers typically enjoy a 10% discount on TurboTax Online products, including Live editions. Additionally, if your taxes are simple, you might even qualify to file for free. However, Robinhood users reporting capital gains, losses, or dividends often need to upgrade to plans like Deluxe or Premier to ensure they capture all deductions and benefits.
Tip: TurboTax also offers special discounts for students and clients of financial institutions like Chase, Fidelity, and Vanguard. Check whether any of these apply to your situation for additional savings.
Importing Your Robinhood 1099 Forms into TurboTax
Robinhood provides its customers with a Consolidated Form 1099, which combines tax data for securities, crypto, derivatives, and money accounts into a single PDF. This makes it easier to manage and import your information into TurboTax or other tax platforms. Here’s what you need to know about importing your forms:
- Select “Robinhood Markets” as the financial institution when prompted by TurboTax.
- Input your master account number (a 9-digit number) and document ID (an 11-character alphanumeric code), both located at the top of your Consolidated 1099 cover page.
Important Notes:
- If you have Section 1256 contract information on your 1099-B, you’ll need to enter this manually, as it doesn’t import automatically into TurboTax.
- For accounts with more than 10,000 transactions or 4,000 uncovered transactions, some tax providers may require additional support to handle the data import.
Robinhood also provides CSV files for all your 2024 transactions, making it easier to review and cross-check your data before filing.
What to Expect from Robinhood Tax Forms in 2025
Robinhood’s tax document process for 2025 includes the following highlights:
- Availability Dates: Your Consolidated 1099 will be available by February 18, 2025, while Form 1099-R for Robinhood Retirement accounts will be ready by January 31, 2025.
- Streamlined Format: Robinhood combines tax forms into a single PDF under its parent company, Robinhood Markets, Inc., with aggregated trade information to reduce the size of the forms.
- Additional Forms: If applicable, you’ll receive separate forms like Form 5498 (IRA contributions and fair market value) by May 31, 2025, and Form 1042-S (non-US income) by March 17, 2025.
New this year, Robinhood will report event contract payments as miscellaneous income on Form 1099-MISC and include index options under Section 1256 contracts.
Pro Tip: If you notice discrepancies in your forms or receive a corrected 1099, Robinhood provides a “Delta” page summarizing changes to the previous version.
Key Takeaways for Tax Season 2025
TurboTax and Robinhood are making tax preparation more efficient and affordable this year through discounts, tailored offers, and integration features. Whether you’re using TurboTax’s Free Edition for a simple return or leveraging the platform’s full-service offerings, these promotions can help you save money and time.
Robinhood customers, in particular, benefit from seamless access to TurboTax discounts and easy import of 1099 data, simplifying the filing process even for those managing multiple types of investments. With tax day set for April 15, 2025, now is the perfect time to review your options and get started on your taxes.