Intuit Announces TurboTax Integration in Credit Karma
With Tax Season ramping up, Intuit has announced a new TurboTax integration for the popular Credit Karma platform.
About the integration:
Intuit is bringing TurboTax into Credit Karma. As a result, customers will be able to file their 2023 taxes using the TurboTax platform via the Credit Karma interface. In some cases, this includes the ability to file for free. Additionally, those who do file with TurboTax and are due a tax refund can elect to have funds directly deposited into their Credit Karma Money account to receive payment up to five days earlier.
To access TurboTax features, Credit Karma app users can first tap the “More” menu button (in the upper right corner) and then select “Income and Taxes.” From there, the Tax Tools section will allow them to begin their filing.
While many individuals will be able to file their self-prepared return for free (including state and federal), those with certain tax situations may not. For example, self-employed individuals will need to pay for the Do it Yourself plan — which is currently $89 plus an additional charge for state filing. However, customers can begin the process for free and will only need to pay when they actually file.
Prior to being acquired by Intuit, Credit Karma offered its own free tax preparation and filing service called Credit Karma Tax. As a condition from the U.S. Department of Justice, Intuit was forced to sell the feature before the purchase of Credit Karma could be approved. Block Inc. (then known as Square) acquired the Credit Karma Tax platform for $50 million and has since rebranded it to Cash App Taxes.
What they’re saying:
Announcing the latest integration, Intuit EVP and GM of Intuit Consumer Group Mark Notarainni said, “Our vision is to deliver the trusted TurboTax experience to individuals and small businesses however they want to file and where they want to file, including across the Intuit ecosystem of products and services. The integration of TurboTax into Credit Karma and QuickBooks helps us meet our customers where they are so they can file with complete confidence knowing they are getting their best tax outcome, all in a familiar product experience.”
Additionally, Credit Karma’s GM of Tax Courtney Alev said, “Our members trust us to help them understand and manage their finances and we’re taking that one step further by helping them file their taxes and make a plan for their refund. This year, we’re taking the stress out of tax filing by making it as easy as possible for our members to file their taxes with TurboTax on the Credit Karma app they already know and love.” Alev continued, “We’re also giving members faster access to their refund, as well as recommendations for how to put their refund to work, so they can take action and start making financial progress.”
It’s now quite clear that Intuit is not only looking to leverage synergies between its brands but also that it views Credit Karma as a crown jewel. First, the company announced that it was shutting down Mint and moving some of the app’s features to Credit Karma — and now we have this deepening connection with TurboTax. However, speaking from the consumer side, Intuit could do a much better job of highlighting these features as I’d never have found the TurboTax filing feature if I hadn’t read exactly where to go.
Of course, this addition highlights why regulators required the sale of Credit Karma Tax. For the record, while TurboTax allows some consumers to file for free, Credit Karma Tax supported free filing for far more tax situations. In any case, as Tax Season continues, perhaps we’ll see a bigger marketing push for this feature and make it easier for Credit Karma customers to take advantage of it.