The error not only delayed a refund worth several thousand dollars, it also kept Christopher from qualifying for a stimulus check.
Simple tax returns only.”īut during George’s investigation into TurboTax, he talked to an unsatisfied customer named Christopher whose tax refund was held up for several months because TurboTax did not prompt him to submit a 1095-A (a form related to the Affordable Care Act). Pay zero dollars to file fed and state taxes with TurboTax. TurboTax sent a Tweet in December 2020 that said: “Get your taxes done right. But sometimes TurboTax messes up with the service it provides. “You can’t borrow your way out of debt,” Dave said. But being debt-free is the only way to be truly free. Intuit’s stated vision is: “Financial freedom for all consumers.” And some people believe lowering your interest rate on your credit card or consolidating loans is the way to financial freedom. “They’re trying to get you near, so they can say, ‘Boom! Gotcha.
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“They’re using their tax software or this free credit score as the bait. Intuit’s documentation actually refers to receiving bounties on people who sign up for loans and credit cards! And in case you didn’t know, a bounty is defined as money paid for capturing or killing a person or an animal. TurboTax and Credit Karma make lots of cash by using your financial data.
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they know how to write the script to get you to sign up for credit cards,” Dave said. “Credit Karma has all your data, and based on that data. 2 Why would Intuit spend billions of dollars to buy a company that provides free credit score tracking? Intuit bought Credit Karma for $8.1 billion in 2020. “Banks and their partners make bazillions of dollars off of credit cards, off of debt, off of you,” Dave said. George talks with Dave Ramsey, who says TurboTax is a good company that lost its way when it began using the data it gleans from its tax software customers to generate leads and peddle debt products. TurboTax actually received a bounty for getting Tracy, and thousands of other TurboTax users like her, to sign up for a credit card! Then, once TurboTax had a history of her financial data, they used what they knew about her to start offering her a credit card. Tracy used the free version of TurboTax’s federal tax filing services for three years. The Investor Day presentation shared an example of an ideal TurboTax customer-a retail employee named Tracy. Connect with a RamseyTrusted tax advisor. “TurboTax and its parent company Intuit have a new long-term game plan to get you and keep you in a cycle of debt long after you’ve filed your taxes,” George explained. George digs into Intuit’s 2020 Investor Day presentation-a 13-page document that details Intuit’s plans to “help” its customers who are having trouble making ends meet. So how does a billion-dollar company make money by offering free or low-cost tax software? The answer lies in the data they collect on their users.
Its daughter companies include QuickBooks (accounting software), Mint (personal financial management), and Credit Karma (credit monitoring). TurboTax has a 70% market share among folks who choose to self-file their income taxes, and it’s owned by a $100 billion company called Intuit. Hey George, tell us how you really feel about TurboTax! In the first episode of The Fine Print podcast, titled “How TurboTax Is Screwing You,” host and Ramsey Personality George Kamel investigates tax-software behemoth TurboTax.
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