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| Intuit Reports Early Season Surge In Quicken TurboTax For The Web Usage |
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| In First Month, Returns Prepared Online Surpass Last Year's Season Total |
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San Diego, Calif. -
February
16,
2000 -
Just one month into its launch of e-tax season, Intuit Inc. (NASDAQ: INTU) today announced strong growth in usage of its leading online tax preparation and filing service, Quicken® TurboTax® for the WebSM. As of February 13, 2000, 875,000 tax filers have started a federal return using TurboTax for the Web, with 405,000 of those completed. In comparison, approximately 240,000 federal returns were completed through the TurboTax Web-based service for the entire tax season last year. In addition, 259,000 state returns have also been prepared using the service so far this year.
"Four years ago we invested in creating the most reliable and easiest online tax preparation system in the belief that a large number of tax filers who traditionally spent a full day doing their returns by hand would migrate to the Web," said Bob Meighan, vice president of the Intuit Consumer Tax Group. "As the numbers demonstrate, we enable consumers to file online with confidence."
The company also reported that 1.4 million federal and 575,000 state returns have been electronically transmitted so far this year through its Quicken TurboTax and Quicken MacInTax® programs.
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About Quicken TurboTax
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Quicken TurboTax is the #1-selling desktop tax preparation software program. Its online counterpart, Quicken TurboTax for the WebSM (www.turbotax.com), is the leading site for online tax preparation and filing. In addition, Intuit offers Quicken TurboTax Home & Business (designed exclusively for self-employed taxpayers) and Quicken TurboTax for Business for Corporations and Partnerships. With 16 years of personal finance expertise, the TurboTax family of products saves time and money for millions of Americans each year. Last year, one in five individual returns filed with the IRS were prepared using an Intuit consumer or professional tax software program.
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About Intuit Inc.
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Intuit Inc. (NASDAQ: INTU) is the leader in e-finance, including financial software and Web-based financial services for consumers and small businesses. Intuit develops and markets QuickBooks®, the most popular small business accounting software; Quicken, the leading personal finance software; and TurboTax, the best-selling tax preparation software. An innovator in delivering Web-based financial tools, Intuit is the leading provider of online tax preparation and filing and online mortgages. Intuit is also breaking new ground as a leader in online bill presentment and payment, and in the delivery of its QuickBooks Internet Gateway platform of connected e-services for small businesses.
Intuit's Quicken.comTM Website (www.quicken.com) is a leading financial site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
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This press release includes "forward-looking" statements about the prospects for Intuit's web-based tax businesses. For example, statements in the future tense, and statements such as we "expect," we "anticipate" or we "believe" are forward-looking statements. Investors should be aware that actual results might differ materially from our expectations because of risks and uncertainties about the future. Intuit will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Risks and uncertainties affecting Intuit's web-based tax businesses include the following: Our web-based tax preparation and electronic filing services are expected to face extremely heavy customer demand during the peak tax season. We must maintain high reliability for these services in order to continue expanding these businesses. During the 1998 tax season we experienced occasional outages in our electronic filing services and there can be no assurance that similar service interruptions will not occur in the future. If we fail to provide reliable service or responsive customer service and technical support, we could lose customers and face significant negative publicity. We also face intense competition for these services. Additional information about factors that could affect future results and events is included in Intuit's fiscal 1999 Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
Intuit, Quicken, TurboTax, QuickBooks and EasyStep are registered trademarks of Intuit Inc. Quicken.com and Quicken TurboTax for the Web are trademarks and/or servicemarks of Intuit Inc.
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