Credit Karma Integrates With TurboTax for Faster Refunds

Finance firm Credit Karma is integrating with TurboTax to make filing tax returns easier and getting refunds faster, according to a Monday (Dec. 20) press release. Both companies are owned by Intuit.

The new tax experience aims to reduce the stress of tax preparation for Intuit’s over 100 million U.S. members and help them make the most of their refund, the release stated. Credit Karma’s integration with Turbo Tax allows filers with simple returns to file directly with TurboTax from the Credit Karma app. Doing so will give them faster access to their refund with Credit Karma Money.

Additionally, another feature is being introduced by Credit Karma to offer its members who previously filed with TurboTax ongoing insights about their finances, income and taxes, according to the release. Members can also estimate their refund and learn about tax terms.

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“Much like credit scores, taxes are an essential part of our financial lives,” said Credit Karma Founder and CEO Ken Lin in the release. “However, for much of the year, taxes are largely ignored by consumers. That’s because they can be intimidating and confusing for most people. This is a problem we’re well-positioned to solve, especially now that we are part of the Intuit family. By combining forces with TurboTax, we believe we can deliver more value to our members, giving them greater visibility into their income and taxes throughout the year and providing them with a seamless, first-in-class tax filing experience.”

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Credit Karma General Manager of Assets and Tax Poulomi Damany said in the release: “Refunds are often the biggest paycheck of the year for many Americans, averaging about $2,800 per person. At the same time, 60% of Americans can’t come up with $1,000 in an emergency. We want to bridge this gap by helping consumers get access to their refund sooner and give them a better place to receive and manage their money. With Credit Karma Money, members have access to a suite of tools to help them stay on top of their bills, save money and, for some members, build credit.”