Credit Karma teams up with TurboTax to launch refund-focused tax experience to help Americans seamlessly file their taxes and apply to get a Refund Advance loan in as little as 1 minute after IRS acceptance
OAKLAND, Calif.–(BUSINESS WIRE)–Credit Karma, the consumer technology platform with more than 120 million members in the U.S., announced plans to offer a refund-focused tax experience together with Intuit TurboTax (NASDAQ: INTU)1. This experience will help members navigate each step of the 2022 tax season, including helping them estimate their refund and providing personalized recommendations for how to optimize their refund based on information within their Credit Karma profile. Eligible members will also have options for getting cash quickly this tax season, including the ability to access their refund up to 5 days early2 when they deposit it into a Credit Karma Money™ account,3 or getting a Refund Advance4 loan in as little as 1 minute after IRS acceptance.5 Together, Credit Karma and TurboTax are focused on delivering a personalized tax experience with a focus on helping Americans estimate their refund, make a plan for how they’re going to use their refund, and for eligible members, gain faster access to funds.
“Americans are strapped for cash as high inflation, challenging market conditions and rising interest rates hold steady. As a result, Americans’ reliance on their tax refund may be more significant than in the past,” said Poulomi Damany, SVP and GM of assets and tax at Credit Karma. “By providing members options for accessing money more quickly, along with recommendations for how to best utilize the money, like paying down debt or building credit, we hope to help Americans make smart financial decisions that set them further down the path of financial progress. Together, we can help put money back in the pockets of hard working Americans, while also providing a suite of tools and recommendations to help them make the most of their money.”
Right now, members can log into Credit Karma to estimate their refund for the 2022 tax year. Credit Karma members will be treated to a richer, more personalized experience in which information from their Credit Karma profile will automatically be prefilled into the Refund Estimator requiring just a quick review of the information to receive their refund estimate. Members can also get recommendations for how to spend their refund based on their credit profile. For example, a member might receive a recommendation to kick off their savings by putting a portion of their refund into a Credit Karma Money™ Save account, which currently offers an APY of 3.30%,6 or to open a Credit Builder plan to help them improve their low score while they save money.7
“Taxes can be stressful and overwhelming for many Americans. We want to change this dynamic by making it even easier for people to file their taxes and gain faster access to the biggest paycheck of the year for many — their refund,” said Varun Krishna, Intuit’s Consumer Group General Manager. “By integrating the best of TurboTax and Credit Karma, we’re making a dramatically simplified tax experience for members that makes it noticeably faster for them to get their taxes done and quickly have their refund in hand.”
Credit Karma and TurboTax will offer a variety of ways for members to access cash quickly this tax season, including early access to their refund through Credit Karma Money, as well as Refund Advance loans. These options will be available to eligible Credit Karma Money members who are getting a federal refund in tax year 2022. For more information please visit: www.creditkarma.com/about/tax
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, an Intuit company (Nasdaq: INTU), is a consumer technology company with nearly 130 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), auto insurance, savings accounts and now checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free. Learn more about how Credit Karma members are making financial progress on TikTok, Instagram and Twitter.
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.
1 All tax preparation services are provided by TurboTax. Credit Karma is not the tax preparer.
2 To be eligible, you don’t need to file your taxes with a particular tax prep service. However, you will not be eligible if you choose to pay your tax preparation fee using your federal tax refund or choose to take a Refund Advance loan. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early.
3 Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. A maximum of 6 withdrawals per monthly savings statement cycle may apply.
4 The Refund Advance loan is provided by First Century Bank, N.A., Member FDIC, not affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Terms apply. Learn more here: https://turbotax.intuit.com/refund-advance.
5 IRS accepts returns starting late-Jan. Acceptance times vary and could take up to a day. Most receive funds within 15 minutes of acceptance.
6 The Annual Percentage Yield (APY) shown is current as of 12/20/2022. This rate is variable and may change. No minimum deposit to open account. Balance must be at least $0.01 to earn APY. A maximum of 6 withdrawals per monthly statement cycle may apply.
7 Credit Builder plan requires you to open a no-fee SeedFi line of credit and a no-fee SeedFi savings account, both provided by Cross River Bank, Member FDIC. Credit Builder is serviced by SeedFi. You’re eligible to apply through Credit Karma Money if your TransUnion credit score is 619 or below at the time of application. Members with a credit score of 619 or under may see an increase within 2 months. Late payments and other factors can have a negative impact on your score, including activity with your other credit accounts.