Intuit Press Release- TurboTax For The Web Tops One Million Returns In Record Time

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TurboTax For The Web Tops One Million Returns In Record Time

Early milestone signals strong growth of leading Web-based tax service as millions embrace the ease and convenience of online tax preparation and e-filing

SAN DIEGO - February 08, 2002 - Intuit Inc. (NASDAQ:INTU) today announced that its Quicken® TurboTax® for the WebSM service has topped one million federal income tax returns in record time, a full two weeks earlier than reaching the same milestone last year.

"Hitting the one-million return mark in just four weeks is, we believe, a clear indication that an unprecedented number of people are turning to TurboTax for the Web to prepare and file their taxes," said Bob Meighan, vice president of Intuit's Consumer Tax Group. "It is obvious taxpayers have embraced the convenience and speed of online tax preparation, positioning Intuit for another strong e-tax season."

TurboTax for the Web is proving that the convenience of a simple, low-cost tax service is an attractive alternative to the traditional, pencil-and-paper method of preparing and filing a return. Plus, with electronic filing included at no additional charge, customers can enjoy the added convenience of fast refunds and truly paperless tax filing. With TurboTax for the Web, consumers don't have to purchase or download software because they prepare their return entirely online at any time from any computer with Internet access. 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.

In addition to the continued growth of online tax preparation, Intuit also reported that to date, electronic filing of both federal and state tax returns through its TurboTax products is up 35 percent over last year. While these initial results are promising, Intuit noted that it is too early to predict results for the entire tax season.

About Quicken TurboTax
In its 18th tax season, TurboTax was the No.1-selling tax preparation software program in 2001, with 70 percent share of units sold at retail, and 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.

About Intuit Inc.

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 Loans® 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 nearly 6,000 employees in 13 states and four countries. More information can be found at www.Intuit.com.

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. We face competitive pressures in our tax businesses, particularly our consumer tax preparation software business, from both private entities and government agencies, which can have a negative impact on our revenue, profitability and market position. 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. Additional information about factors that could affect future results and events is included in Intuit's fiscal 2001 Form 10-K and subsequent reports filed with the Securities and Exchange Commission.


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