TurboTax Launches its Tax Year 2022 Products and Services

Rhea-AI Summary

Intuit has launched the enhanced TurboTax Live and TurboTax Online products for the 2022 tax year. Tax filers can now complete their taxes in one meeting with experienced tax experts. New features include a Personal Welcome Call, full hand-off of taxes, and specialized experts for self-employed, investors, and small businesses. Starting January 2023, a Spanish-language Full Service experience will be available. TurboTax also improves guidance for crypto investors and self-employed individuals, making tax filing easier and more accurate.

Positive

• Enhanced TurboTax Live and Online products facilitate tax filing in a single session.
• Introduced a Personal Welcome Call to streamline document organization.
• Expanded service for Hispanic customers with Spanish-speaking tax experts.
• Specialized support available for self-employed, investors, and small businesses.
• Improved features for crypto investors, including automatic transaction imports.

Negative

• None.

TurboTax Live Full Service tax experts can now fully prepare, finish, and file taxes in one meeting

TurboTax Online delivers new and enhanced experiences for crypto investors, creators, and self-employed individuals

SAN DIEGO--(BUSINESS WIRE)-- TurboTax, from Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax, QuickBooks, Credit Karma, and Mailchimp, announces the launch of its TurboTax Live and TurboTax Online products and services for tax year 2022. Eliminating the work and worry of tax time, TurboTax gives tax filers of any income and any complexity total confidence their taxes are done right and they are getting every dollar they deserve, regardless of if they want to fully hand their taxes off to a tax expert or do them themselves.

With TurboTax Live Full Service, tax filers can hand off their taxes to our network of thousands of tax experts with an average 12 years of tax preparation experience and who also specialize in self-employed, investment, and incorporated small business taxes, so they can be confident nothing is overlooked or left behind. Customers are matched and can work with the right tax expert in real time -- no more wait and wonder that taxpayers often experience when they take their taxes to someone who doesn’t share status updates and delays filing. They can then review everything with their dedicated expert before the tax expert signs and files for them.

“Today's technology means we're always connected, so the idea of taking the time away from work, family, or free time to travel to a tax store is antiquated and unnecessary when TurboTax Live is available anytime, anywhere, on any device,” said Varun Krishna, Intuit’s Consumer Group, General Manager. “Leveraging Intuit’s Virtual Expert Platform, customers are matched with a TurboTax Live tax expert, in English and Spanish, experienced in their unique situation. Our thousands of U.S.-based, TurboTax Live tax experts go through a thorough vetting process, leaving the work of searching for a qualified tax professional to us. Customers can sit down from the comfort of home and in one meeting, have their taxes prepared, signed, and filed by a trusted tax expert.”

New in TurboTax Live Full Service this year:

• A Personal Welcome Call to Get Started: Taking the pain and confusion out of gathering documents and data. A quick call helps taxpayers easily organize their documents, start loading them into their secure tax hub, and get matched to a dedicated tax expert.
• Full Hand Off and Taxes Done in One Session: Filers can hand their taxes off to a tax expert and be done in one meeting. Get all their questions answered in real time and review everything before filing. No waiting, no wondering, just taxes done right.
• Specialized Self-Employed, Investor, and Small Business Tax Experts: From the start, self-employed, incorporated small business owners, and investors will be matched with specialized tax experts experienced in their situation, who can optimize their tax savings and provide year-round guidance and savings strategies.
• Stay with the Same Trusted Expert: With Full Service, taxpayers get matched with an expert they get to know and trust, who can help them make the best decisions based on their situation. Customers can even request to have the same tax expert do their taxes again next year.

In addition, Full Service will expand to better serve the growing Hispanic population this year. Starting in January 2023, customers can choose to go through a Spanish language Full Service experience. This includes fully translated shopping and onboarding experiences, as well as matching to a bilingual tax expert who will prepare, sign and file their taxes.

TurboTax will also expand to corporate small business returns with the launch of TurboTax Live Full Service Business Tax in December 2022. Incorporated business owners with multi-member LLCs, S-corps, and partnerships will be matched with and can fully hand their taxes off to a specialized tax expert experienced in the complexities of small business taxes.

Today, TurboTax is also launching its TurboTax Online and TurboTax Live Assisted products. Customers will see enhanced guidance and technological advances for crypto investments, stocks, self-employed and 1099-K income, giving customers confidence their taxes are done right regardless of their tax situation.

For those who want help along the way, TurboTax Live Assisted gives customers access to experts to help them complete their taxes, fix any mistakes, and explain what's next. They can also get an expert final review of their taxes before they file.

Investor: With the growth in investors and market volatility, TurboTax is focused on helping investors easily and accurately report their investment gains and losses.

Some of the new product features for investors include:

• Easy Import of Crypto Information from Digital Asset Exchanges and Wallets: In addition to automatic import of up to 10,000 stock transactions and up to 20,000 crypto transactions at once, crypto investors now can save time with the ability to import information from digital asset exchanges and wallets to automatically calculate capital gains and losses.
• Guidance to Help Turn Investment Losses to Tax Wins: TurboTax will help surface and guide customers to use any unrealized capital losses they may have from prior years, improving their tax outcome and lowering taxes owed.
• Accurate Import of Cost Basis with Intelligent Tax Optimization: Intelligent Tax Optimization takes the work out of tracking down missing and accurate cost basis values and assures accurate reporting of capital gains and losses by importing customers’ cost basis directly from financial institutions and crypto exchanges into the correct forms.

Self-Employed: With the rise of self-employed workers and new creative ways to earn an income, TurboTax Self-Employed uses advanced import capabilities and artificial intelligence to guide customers through their self-employed taxes and Form 1099-K changes.

Some of the new features for self-employed include:

• Snap and autofill for Forms 1099-K and 1099-NEC: Creators, Online Sellers, Rideshare Drivers and other self-employed taxpayers get a jumpstart on their taxes and eliminate work by not only being able to snap a photo of their Form 1099-NEC, but now Form 1099-K. They can verify their data and their information will be pulled into the correct forms.
• TurboTax Expense Monitor: Allows self-employed customers to track their self-employed expenses year-round reducing the time spent preparing taxes at tax-time and to ensure they get every dollar they deserve. TurboTax Expense Monitor will be available the week of January 9, 2023.
• Streamlined Schedule C: There are more unique self-employed businesses than ever before, and self-employed people shouldn't have to navigate multiple screens that aren’t relevant to them. Customers will be guided through an experience that adapts to their situation, providing fewer screens and questions so they only see what is relevant to them and can finish faster. Streamlined Schedule C will have limited availability January and February with full availability beginning March 2023.

1099-K Income Recipients: Millions of people, from self-employed to hobbyist, will receive Form 1099-K (Payment Card and Third Party Transactions form) for the first time and may not understand how the income reported on that form impacts their taxes. All TurboTax products will include:

• Snap and autofill for Form 1099-K: Taxpayers who receive Form 1099-K get a jumpstart on their taxes and eliminate work and worry about a new tax form. They can snap a photo of their Form 1099-K, verify their data, and their information is pulled into the correct form accurately reporting their income.
• Special Guidance for Form 1099-K: Whether an occasional online seller or self-employed business owner, taxpayers get specific guidance to help them understand how 1099-K income impacts their taxes and accurately report their 1099-K income.

All TurboTax Live and TurboTax Online products are now available at www.TurboTax.com, the Apple App Store and Google Play Store. See product pricing for product forms availability.

ABOUT INTUIT

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221130005404/en/

Lisa Greene-Lewis

Lisa_Greene-Lewis@intuit.com

Source: TurboTax

FAQ

What are the new features of TurboTax Live for the 2022 tax year?

TurboTax Live for 2022 includes a Personal Welcome Call, full tax hand-off in one meeting, and specialized experts for self-employed and investor needs.

When will the Spanish language Full Service experience for TurboTax become available?

The Spanish language Full Service experience will be available starting January 2023.

How does TurboTax assist crypto investors?

TurboTax provides enhanced guidance for crypto investors, including easy import of transaction data and automated calculation of capital gains.

What new features are there for self-employed individuals using TurboTax?

New features for self-employed individuals include snap and autofill capabilities for Forms 1099-K and 1099-NEC, and a year-round expense monitor.

What is TurboTax Live Full Service Business Tax?

TurboTax Live Full Service Business Tax, launching in December 2022, allows incorporated business owners to fully hand off their taxes to specialized tax experts.