FinTech News
Current Partners with Column Tax for Free Tax Filing Feature
This tax season, users of the app Current will have the option to file their returns for free thanks to a new partnership.
About the offering:
The neobank Current has announced a partnership with Column Tax. As a result, users will be able to file their taxes using the app. This feature will be available to “members with a payroll” and will allow them to file both federal and state returns without a fee. Moreover, a screenshot shared with the press release shows that filings are free “no matter how complex.”
With the Column Tax integration, Current customers can also receive their refunds up to 5 days earlier. Plus, the service has a maximum refund guarantee.
Meanwhile:
Current’s announcement happens to come after Intuit announced a TurboTax integration for its popular Credit Karma platform. Now, customers can file their returns via TurboTax right from the Credit Karma app. However, while free filings are available to eligible users with W-2 income, others such as self-employed individuals may need to select paid plans.
What they’re saying:
Noting the reasons why Current decided to add this tax-filing feature, the company’s CEO and co-founder Stuart Sopp said, “Paying over $100 to file your taxes can drain millions of Americans of much-needed liquidity. We have seen firsthand our members rely on tax refunds each year to make ends meet, and they are more important than ever this year with credit card debt at a record $1 trillion and inflation continuing to outpace wages.” Sopp went on to say, “Through this new partnership with Column Tax, we’re proud to not only provide our members faster access to their much-needed funds, but also make the process of filing easier and more affordable than ever before.”
Additionally, Column Tax CEO and co-founder Gavin Nachbar said of the partnership, “For many Americans, their tax refund is the largest check they’ll receive all year. With embedded tax filing, Current is helping its members secure maximum refunds and get faster access to funds they desperately need, especially given today’s economic climate. Through our partnership, this new connected tax filing via Current will provide millions of Americans quicker access to valuable refund dollars.”
My thoughts:
I’ve personally had my ups and downs with Current, applauding many of their decisions while scratching my head at others. Luckily, this partnership with Column Tax and the feature that comes along with it is a development I can get behind. While there are a growing number of free tax services, I think it’s a great idea having this capability built into a banking app. That way, customers are not only reminded that they need to file their returns but can also claim any refund due to them right away.
At the same time, there are a few details lacking from Current’s press release. For one, it’s not quite clear whether the “members with a payroll” mention means that users will need to have active direct deposit in order to unlock the feature or whether it will only be available for those filing with a W-2. I’m strongly guessing the latter — which makes the “file for free with Current no matter how complex” language displayed on their promo image a bit misleading in my opinion. Still, setting those uncertainties aside, I believe this will be a helpful tool for Current users and look forward to seeing what the neobank does next.
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