ALBANY, NY –– After years of offering free e-file services for millions of Americans, TurboTax's parent company, Intuit, announced it will no longer participate in the Internal Revenue Service free file program.
According to the company, they will continue offering a free filing option without participating in the IRS's program.
“This decision will allow us to focus on further innovating in ways not allowable under the current Free File guidelines and to better serve the complete financial health of all Americans through all of our products and services, in tax preparation and beyond," said Intuit in a statement.
Customers can file with TurboTax Free Edition, TurboTax Live Basic, or TurboTax Live Full Service Basic if they have a simple tax return –– also known as a 1040 form.
Situations covered the free services include:
- W-2 income
- Limited interest and dividend income reported on a 1099-INT or 1099-DIV
- Claiming the standard deduction
- Earned Income Tax Credit (EIC)
- Child tax credits
- Student Loan Interest deduction
Situations not covered by TurboTax Free Edition, TurboTax Live Basic, and TurboTax Live Full Service Basic
- Itemized deductions
- Unemployment income reported on a 1099-G
- Business or 1099-NEC income
- Stock sales
- Rental property income
- Credits, deductions, and income reported on schedules 1-3
“We are obsessed with helping millions of Americans looking to take charge of their finances so they can prosper," said the company. "Intuit’s AI-driven expert platform makes it simple for consumers to make better financial decisions, helping them not only receive their maximum refund but empowering them by putting control in their hands so they can make smart money decisions and realize their financial dreams."
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