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| TurboTax For The Web Goes Live: Intuit Expects Another Record-Setting E-Tax Season |
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| Leading online tax preparation and filing solution features new Premium service, combining more choice with the speed, ease and convenience of the Web |
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San Diego, Calif., -
January
11,
2002 -
Millions of Americans continue to make the leap from time-consuming, error prone paper and pencil tax preparation to the convenience, ease and simplicity of the Web. Last year, a record number of taxpayers used the Internet to prepare and file their taxes. An estimated 75 percent of those taxpayers, just over 2.4 million, used the Quicken® TurboTax® for the WebSM service from Intuit Inc., which will be available this weekend.
With TurboTax for the Web, tax filers can prepare and file their 2001 federal and state income tax returns without having to purchase and download software and can prepare their return entirely online at any time from any computer with Internet access. Plus, there is absolutely no charge to try TurboTax for the Web. Taxpayers are charged only when they are ready to print or electronically file their tax return . Furthermore, users can proceed at their own pace, starting and stopping as often as they want. When they return to TurboTax for the Web, they pick up where they left off.
"TurboTax for the Web is far and away the most popular online tax preparation solution. Growth on the Web continues to show that millions of ordinary people are relying on the Internet to simplify tax preparation and filing," said Bob Meighan, vice president of Intuit's Consumer Tax Group. "Tax year 2001 is already shaping up to be a banner year and the sweeping changes in the tax laws mean taxpayers will be looking for tax preparation options that take the headache and guesswork out of doing taxes."
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| TurboTax Premium for the Web |
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New this year, Intuit has introduced TurboTax Premium for the Web, the ultimate choice for online tax preparation and filing that includes a host of new features and tools to help taxpayers make the most of the new tax laws. TurboTax Premium for the Web includes the Tax Law Advisor, a feature that shows taxpayers how the new tax laws will impact them now and in the future. TurboTax customizes the Tax Law Advisor to show customers only those tax law changes that apply to their unique tax situation. TurboTax Premium for the Web also includes new customized tax planning tools and features:
- 401k Maximizer - Shows users how to increase contributions to their retirement account without reducing take-home pay.
- Ten Year Forecaster - Applies current tax information to help identify the impact of the new tax law changes over the next 10 years.
- Year-to-Year Deduction Manager - Compares this year's deductions to last year's, helping to ensure taxpayers benefit from all available deductions.
TurboTax Premium for the Web also includes additional help for investors (Schedule D), rental property owners (Schedule E) and sole proprietors (Schedule C).
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| Expanded Instant Data Entry delivers effortless tax preparation |
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Last year, TurboTax fundamentally changed the way people prepared their taxes - slashing preparation time, increasing accuracy and eliminating data entry - with the introduction of the Automated Tax Return (ATR). ATR includes the revolutionary Instant Data Entry feature that retrieves common tax information - wages, interest, dividends and stock and mutual fund transactions - from participating companies and automatically enters that information into the correct forms in the TurboTax return, greatly reducing mathematical and data entry errors because tax information is retrieved right from the source.
This year, Intuit has expanded Instant Data Entry, increasing the number of participating financial institutions, brokerages, mutual funds and employer services companies from 10 to more than 45, representing more than 100 million tax forms instantly available for retrieval into TurboTax.
New this year, more than three million customers of Countrywide Home Loans will be able to import their mortgage interest (Form 1098) instantly into their TurboTax return.
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| E-filing Helps Consumers Get Refunds Back Fast |
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Once a taxpayer has finished preparing their return online, they can quickly and easily file their return electronically, which is included in the cost of using TurboTax for the Web. By electronically filing their returns, taxpayers can receive refunds in as little as 10 days, compared to six weeks for returns filed by mail. TurboTax for the Web customers can file their state tax returns electronically with 41 states and the District of Columbia.
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| TurboTax State Availability |
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TurboTax desktop software and TurboTax for the Web supports all 44 states with income tax plus the District of Columbia. State programs are already available for Alabama, California, Colorado, Florida, Georgia, Iowa, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, New Mexico, Mississippi, Montana, North Dakota, Nebraska, New York, Pennsylvania, South Carolina and Utah. Additional states will become available through mid-February. Please check www.turbotax.com for availability.
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| TurboTax for the Web is FREE to 60 Million American Taxpayers |
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For the fifth consecutive year, Intuit is offering its award-winning Quicken Tax Freedom Project, an initiative of the Intuit Financial Freedom Foundation, that donates online tax preparation and electronic filing for lower income taxpayers with adjusted gross income of $25,000 or less. According to IRS statistics, approximately 60 million taxpayers qualify for free tax preparation and filing under the program. People who don't have a computer at home can go to local libraries, schools, senior centers, community centers and other public facilities that provide access to computers and the Internet. Eligible taxpayers must access the Quicken Tax Freedom Project at www.quicken.com/freedom to qualify. The free program applies to the preparation and electronic filing of both state and federal individual income tax returns.
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| Pricing and Availability |
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TurboTax for the Web will be available starting this weekend at www.turbotax.com and through more than 1,200 other leading financial institution, electronic retailer and Internet-related service Web sites.
TurboTax for the Web 1040EZ returns are $9.95 before April 1 and $12.95 thereafter. TurboTax for the Web 1040 returns are $19.95 if filed before April 1 and $29.95 after April 1. Returns prepared with TurboTax Premium for the Web are $29.95 before April 1and $39.95 thereafter. Corresponding state returns are $12.95 and $4.95 for state EZ returns. Electronic filing for federal and state returns is always included at no additional charge.
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About Quicken TurboTax
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Quicken TurboTax was the No.1-selling tax preparation software program in 2001, with more than 80 percent retail revenue share, up eight points over 2000, according to NPD Intelect. Its Web-based counterpart, TurboTax for the Web, is the most popular site for online tax preparation and filing services. The Instant Data Entry feature is included at no additional charge in all 1040 versions of TurboTax. With more than 17 years of personal finance expertise, the TurboTax family of products saves time and money for more than 14 million Americans each year.
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About Intuit Inc.
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Intuit Inc. (NASDAQ: INTU) is the leading provider of financial software and Web-based services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken, QuickBooks®, Quicken TurboTax and Quicken LoansSM simplify personal finance, small business management and payroll processing, tax preparation and filing and home loans.
Founded in 1983, Intuit has annual revenue of more than $1 billion and reaches 25 million customers with more than 6,000 employees in 13 states and four countries. More information can be found at www.intuit.com
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Intuit, the Intuit logo, Quicken, QuickBooks, and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. or one of its subsidiaries. Quicken.com and Quicken TurboTax for the Web, among others, are trademarks and/or service marks of Intuit Inc. or one of its subsidiaries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
This press release includes "forward-looking" statements about the prospects for Intuit's tax business. For example, statements in the future tense, and statements such as we "expect," we "anticipate" we "plan" or we "believe" are forward-looking statements. Investors should be aware that actual results might differ materially from our expressed 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 tax business include the following: Our revenue and earnings are highly seasonal, particularly for our tax business, and our quarterly and annual financial results fluctuate significantly. Returns for desktop software can be significant, and could exceed the revenue reserves we have established for them. 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 web-based tax preparation and electronic filing in order to continue expanding these businesses. If we fail to provide responsive customer service and technical support, we could lose customers. The expansion of the availability of the ATR feature requires the participation of third parties including payroll companies and financial institutions. 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.
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