Intuit is announcing today a major improvement for US users of its popular TurboTax and MacinTax on-line filing packages, by incorporating a facility to download wage and investment data directly from the Internet. At present data from W-2 wage statements and 1099 income reports from investment institutions has to be entered manually into the tax calculation software.
So far Intuit has agreed partnerships with eight significant suppliers of these types of data: investment firms Fidelity Investments, Salomon Smith Barney, TD Waterhouse, T. Rowe Price and the Vanguard Group; and payroll-services companies Ceridian, PeopleSoft and ProBusiness.
The company says that these eight partners will be able to deal with the data needs of at least 20 million tax filers via the Internet with information that includes 1099 and W-2 forms, as well as data like interest income, dividend income, and stock sales.
The new versions of TurboTax and MacinTax incorporating the download facility will be available in late January on the company's Web site.
Apart from reducing the need for taxpayers to key so much data into their computers and keep mountains of complex paperwork, the system is meant to reduce the risk of error. It will also be a major cost-saver for institutions which will eventually be able to suspend the expensive delivery of paper records to investors. One of the partners, Ceridian — which provides payroll and benefits services to 40,000 employers nationwide, including Chrysler and Hewlett-Packard — plans to give a discount on Intuit products, post banner ads on employer Web sites and alert employees to the service by printing a message on W-2 forms.
The IRS, which has co-operated in designing the new software, is delighted with the new service: an senior official said it would 'give material assistance in reaching our goal of 80% electronic filing by 2007'. Currently about 27% of returns are filed electronically.
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