If you’re considering TurboTax to prepare your 2024 tax return, we typically see some of their best offers run through the end of January 2025. Additionally, if you’re a Navy Federal Credit Union (NFCU) member, there might be special deals tailored for you. Let’s take a look at the details an the best deals currently available.
TurboTax Discounts in January 2025
Through January 31, 2025 there are several discounts available to help you save on TurboTax’s services.
Extra 10% Off TurboTax Online Federal Products
One of the standout offers this month is the extra 10% discount on TurboTax 2025 online federal products. This deal is part of their early-season sale, which means you can save up to 50% off in total. Here’s how it works:
- Service Tiers Covered: The 10% discount applies across all TurboTax service tiers, including Free Edition, Deluxe, Premier, and Self-Employed.
- Promotion Validity: This offer is valid through January 31, 2025, giving you plenty of time to take advantage of the savings and start your tax filing early.
If you’re unsure which service tier is right for you, here’s a quick breakdown:
- Deluxe: Best for homeowners and those who want to maximize deductions.
- Premier: Tailored for individuals with investments and rental property income.
- Self-Employed: Designed for freelancers, small business owners, and those filing a Schedule C.
This discount allows you to choose the service level that matches your needs while keeping costs down.
TurboTax Free Edition
For taxpayers with straightforward financial situations, TurboTax’s Free Edition may be all you need. This version allows you to file both federal and state taxes at no cost. However, it’s essential to check whether you qualify for this option:
- What Qualifies as a Simple Return?
- Filing a basic Form 1040.
- Limited credits, such as the Earned Income Tax Credit (EITC), Child Tax Credit, or Student Loan Interest Deduction.
- No additional schedules or complex tax scenarios (e.g., investment income, self-employment).
Keep in mind that only about 37% of taxpayers qualify for the Free Edition. If your return involves complexities such as owning a business, significant investments, or specific deductions, you’ll need to upgrade to a paid plan.
50% Off QuickBooks Solopreneur with Live Assisted Tax
If you’re self-employed or a small business owner, managing your taxes and bookkeeping can be overwhelming. TurboTax’s partnership with QuickBooks offers a significant discount that could simplify your workload. New QuickBooks customers can get 50% off the first three months of the QuickBooks Solopreneur plan, bringing the cost down from $20/month to $10/month.
This subscription includes:
- QuickBooks Live Assisted Tax: Tailored support for freelancers and small business owners filing a Schedule C.
- Bookkeeping Integration: Seamlessly connects with QuickBooks to ensure accurate tax preparation.
- Tax Expert Support: Access to professionals who can help identify industry-specific deductions and credits.
- Audit Assistance: On-demand support in case of an IRS audit.
This offer is an excellent option for self-employed individuals looking to streamline their tax filing process while saving money. However, it’s only available to new QuickBooks customers, so act now if you’re considering this solution.
Navy Federal Credit Union TurboTax 2025 Discount
Navy Federal Credit Union (NFCU) has been serving military members, veterans, and their families since its founding during the Great Depression. Over the years, it has expanded to provide financial services, including savings accounts, loans, and tax filing resources. One of the perks of being an NFCU member is access to exclusive discounts, including offers on TurboTax.
How to Access the Navy Federal TurboTax Discount
While Navy Federal does not publicly advertise a specific TurboTax discount, members can often find special deals by logging into their account. Here are the steps to locate these offers:
- Log in to Your Navy Federal Account:
- Visit the member discounts section to search for TurboTax deals.
- Alternatively, check the main offers page, especially during peak tax season.
- Affiliate Arrangements:
- Most Navy Federal discounts operate through affiliate arrangements. Clicking on the TurboTax discount link will typically redirect you to the TurboTax website, where the discount is applied automatically.
- General Discounts:
- If no specific Navy Federal discount is available, you can still access affiliate offers that provide up to 20% off TurboTax Online products, including Deluxe and Premium plans.
While these steps require a bit of navigation, the potential savings are worth the effort.
Essential Tax Filing Resources
Navy Federal offers additional resources to help members file their taxes accurately and efficiently. Here are some key tools and tips:
1. Navy Federal Tax ID
- Tax ID: Navy Federal’s Tax ID is 530116705.
- This ID is essential for reporting dividend earnings and may be required when filing your taxes.
2. IRS Form 1099
- Accessing Form 1099: Members can obtain a digital copy of their tax statement online. This form is a substitute for the official IRS Form 1099-INT and is used to report interest income.
- Paper Copies: Must be mailed by January 31, 2025.
- How to Access:
- Mobile App: Sign in, tap “More,” and navigate to “Account & Tax Statements.”
- Online Banking: Log in, click “Statements,” and review the Tax Information section.
Note: If your combined interest earnings are less than $10, you won’t receive a 1099 form.
3. IRS Form 1098
- Mortgage Interest Statement: This form shows the amount of interest, points, or mortgage insurance premiums paid on your mortgage loan.
- Availability: Digital copies will be accessible through online banking by January 31, 2025. Paper copies are mailed by the same date.
- How to Access:
- Sign in to Navy Federal online banking.
- Click “Statements” and locate the form in the Tax Information section.
4. Direct Deposit for Refunds
To receive your tax refund faster, set up direct deposit into your Navy Federal account. Here’s what you’ll need:
- Federal Refunds:
- Routing Number: 256074974
- Account Number: Your Navy Federal account number.
- State Refunds:
- Requirements vary by state; check your state’s tax form instructions.
Additionally, you can set up deposit notifications through the Navy Federal app to receive alerts when your refund posts.
5. Submitting Your Tax ID Certification
The IRS requires Navy Federal to report combined dividend earnings. If you haven’t submitted your Tax ID Certification, you can:
- Download the Form: Visit Navy Federal’s website to download the Tax ID Certificate Form.
- Return Options:
- Fax: 703-206-4600
- eMessage or branch drop-off.
- Mail: Navy Federal Credit Union, Attn: Membership Department, PO Box 3002, Merrifield, VA 22116-9887.
Additional IRS Resources
Filing taxes can be complicated, but the IRS provides several tools and resources to simplify the process:
- 1040 Central: Covers the basics of filing taxes, including when, how, and where to file. It’s a great starting point for individual taxpayers.
- Tax Information for Military Members: Provides specific guidance for active-duty and retired military personnel, including details about combat zone exclusions and deductions.
- Online Services: Interactive tools, calculators, and forms to make filing and paying taxes more convenient.
- Printable Tax Forms: Access and print necessary tax forms directly from the IRS website.