As tax season kicks off, finding the right tools to simplify the process and save money is crucial. TurboTax, a leading name in tax preparation software, offers a range of discounts this January 2025 to help ease the financial and logistical burden of filing your taxes. Although TD Ameritrade doesn’t directly provide TurboTax discounts, the integration between the two platforms makes TurboTax a valuable choice for its customers. Here’s a detailed look at the best TurboTax discounts available this month and how TD Ameritrade customers can leverage TurboTax’s features.
1. TurboTax Discounts Available in January 2025
TurboTax is offering several early-season deals making it a good time to start your tax preparation early. Below are the top discounts and their benefits:
a. Extra 10% Off TurboTax Online Federal Products
One of the standout deals this January is TurboTax’s extra 10% off federal online products, which is on top of its early-season sale discounts. This promotion allows users to save up to 50% on TurboTax Online services across all tiers, including:
- Do-It-Yourself Versions: Designed for individuals comfortable filing their taxes independently, with TurboTax’s user-friendly guidance.
- Live Assisted Versions: Ideal for those seeking expert advice during the filing process, ensuring accuracy and confidence.
- Full-Service Versions: Perfect for anyone wanting to hand over their tax filing entirely to TurboTax professionals.
This 10% additional discount is valid through January 31, 2025. It’s a great opportunity to lock in savings and start tackling your taxes without waiting until the last minute.
b. 50% Off QuickBooks Solopreneur Plan
For freelancers and small business owners, TurboTax has partnered with QuickBooks to offer 50% off the QuickBooks Solopreneur plan for new customers. Normally priced at $20 per month, the plan is now available for just $10 per month for the first three months.
This plan includes QuickBooks Live Assisted Tax, tailored to self-employed individuals filing a Schedule C (Form 1040). Key benefits include:
- Unlimited access to tax experts for personalized advice.
- Integration with QuickBooks for seamless transfer of financial data into TurboTax.
- Guidance on industry-specific deductions and credits.
- A 100% Accurate, Expert Approved Guarantee.
- On-demand audit support if needed.
This deal is particularly useful for solopreneurs managing both their bookkeeping and taxes, helping them save time and money.
c. TurboTax Free Edition
For taxpayers with simple returns, the TurboTax’s Free Edition is a fantastic option. This version lets you file both federal and state taxes at no cost. A simple return includes:
- Filing a basic Form 1040.
- Limited credits, such as the Earned Income Tax Credit, Child Tax Credit, or Student Loan Interest Deduction.
- No additional schedules or complex tax situations.
However, keep in mind that only around 37% of taxpayers qualify for the Free Edition. If your taxes involve business income, significant investments, or other complexities, you’ll need to upgrade to a paid plan.
2. Does TD Ameritrade Offer TurboTax Discounts?
If you’re a TD Ameritrade customer, you might be wondering if there’s a specific TurboTax discount offered through your brokerage account. Unfortunately, TD Ameritrade does not currently provide TurboTax discounts. This stands in contrast to other financial institutions like Fidelity, Chase, and American Express, which often offer exclusive deals for their customers.
Despite the lack of a direct discount, TurboTax remains a top choice for TD Ameritrade users due to its robust features for managing investment-related taxes. Here’s why it’s still worth considering.
3. Why TD Ameritrade Customers Should Use TurboTax
TurboTax’s compatibility with TD Ameritrade makes it a powerful tool for investors. Here are some key features that make TurboTax a great choice:
a. Easy Import of Investment Data
One of the biggest advantages for TD Ameritrade customers is TurboTax’s ability to import investment data directly from the brokerage. This includes 1099 forms for dividends, capital gains, and other investment income, significantly reducing the time and effort required to input this information manually. It also minimizes the risk of errors, ensuring accurate reporting.
b. Optimized for Investors
TurboTax is designed with investors in mind. It automatically calculates your tax liability or refund based on your trading activity and identifies applicable deductions, such as tax-loss harvesting or investment-related expenses. For active traders or those with complex portfolios, this feature is invaluable.
c. Access to Tax Experts
Complex tax situations can arise from selling stocks, dealing with dividends, or navigating retirement account distributions. TurboTax provides access to live tax experts who can answer your questions, review your return, and offer personalized advice.
d. Streamlined Filing Process
TurboTax’s intuitive interface guides you through the filing process step by step, with prompts tailored to your specific financial activities. It simplifies tax preparation, even for those with significant investments, making the experience less overwhelming.
e. Up-to-Date Tax Laws
With constant changes in tax laws, especially those affecting investments, TurboTax ensures that your return complies with the latest regulations. This gives you peace of mind and reduces the risk of filing errors or omissions.
4. Tips for Maximizing TurboTax Discounts
While TD Ameritrade doesn’t provide TurboTax discounts, you can still save by exploring these options:
- Check Financial Institution Partnerships: Fidelity, Chase, and American Express often offer TurboTax promotions. If you hold accounts with these institutions, look for any available deals.
- Monitor TurboTax’s Website: TurboTax frequently runs seasonal sales, such as the Extra 10% off deal mentioned earlier.
- Consider Bundling Services: If you’re self-employed, the QuickBooks Solopreneur plan bundle offers significant value with its integrated tax and bookkeeping solutions.
5. Why TurboTax Users Should Consider TD Ameritrade
If you’re a TurboTax user but haven’t explored TD Ameritrade, it’s worth considering this brokerage for its investor-friendly features:
- User-Friendly Platform: TD Ameritrade’s interface caters to both beginners and experienced investors, making it easy to manage your portfolio.
- No Minimum Balance Requirements: You can open an account with no minimum deposit, which is ideal for those starting their investment journey.
- Extensive Educational Resources: From webinars to tutorials, TD Ameritrade provides tools to help you become a more informed investor.
- Wide Range of Investment Options: Whether you’re interested in stocks, ETFs, or mutual funds, TD Ameritrade offers diverse opportunities to grow your wealth.
- 24/7 Customer Support: Like TurboTax, TD Ameritrade offers excellent support, ensuring you get the help you need when you need it.
6. Important Tax Tips for TD Bank Customers
If you’re a TD Bank customer, here are some key reminders as tax season approaches:
- 1099 Forms: These are only sent if you’ve earned at least $10 in interest. Ensure your mailing address is updated to receive your tax forms on time.
- Tax Form Deadlines: Most 1099 and 1098 forms are mailed by February 1, 2025. If you haven’t received yours by mid-February, contact TD Bank through their secure message system in online banking.
- Filing Deadline: The deadline for filing your 2024 tax return is April 15, 2025. Consider requesting an extension if needed.
Final Thoughts
TurboTax’s January 2025 discounts offer significant savings for individuals, freelancers, and small business owners alike. While TD Ameritrade doesn’t provide a specific discount, the seamless integration of investment data and TurboTax’s investor-focused features make it an excellent choice for TD Ameritrade customers. Whether you’re filing a simple return, managing a small business, or navigating complex investments, TurboTax’s range of tools and support ensures you’re well-equipped to handle tax season efficiently.
Take advantage of the current promotions, explore alternative discounts through other financial institutions, and consider how TurboTax and TD Ameritrade can work together to simplify your finances. By planning ahead, you can save both time and money while ensuring accuracy in your tax filing.