TurboTax Launches Free, Interactive Tools and Resources to Help Taxpayers Understand Their Overall Tax Picture

New Tax Reform Tools Help Taxpayers Get a Deeper Understanding of How
Tax Reform Impacts Them

SAN DIEGO–(BUSINESS WIRE)–TurboTax, from Intuit
Inc. (Nasdaq: INTU), just released a free, interactive Tax Reform
Calculator and a free, easy to use Standard
vs. Itemized Deduction Interactive Tool to educate taxpayers on how tax
reform impacts them.

The Tax
Reform Calculator educates taxpayers using aggregated, anonymized
tax data to help them understand how tax reform impacts them based on
situations similar to theirs. In just five screens, the Standard
vs. Itemized Deduction Interactive Tool helps taxpayers easily
understand whether they may need to claim the standard deduction or
itemize deductions.

“We want to help taxpayers easily understand how the new tax law changes
may affect their personal or family financial situation – before they
file – because the new tax code will affect everyone differently,” said
David Williams, Chief Tax Officer for Intuit TurboTax. “These tools will
help taxpayers get an estimate of their overall tax picture, so they can
avoid any tax surprises and make smart end-of-year tax moves.”

Tax Reform Calculator for Educational Purposes

The calculator shows individuals the impact of the new tax law by
analyzing aggregated, anonymized tax data to show taxpayers tax
situations similar to their own. Users can simply choose the state they
live in, select their marital status, number of dependents and their
income range, and the calculator will tell them the federal average tax
outcome based on those inputs.

“While many people will see more money in their pockets, it could come
in the form of bigger paychecks, larger tax refund or lower tax due
depending on whether they adjusted their withholdings,”
said Williams. “That’s why it’s important to look at the total tax
picture.”

To illustrate the power of the Tax Reform Calculator, an average
taxpayer in California who is married with two dependents earning
$50,000 – $75,000 will get an estimated $1,600 more in their pocket
throughout the year; an easy-to-read pie chart also reveals that 95
percent will owe less, five percent will owe more. The same scenario
with no dependents will see $800 more throughout the year; 88 percent
will owe less; 12 percent will owe more.

The Tax Reform
Calculator also allows taxpayers to dig deeper into:

• Deductions and Credits: How an aggregate of TurboTax taxpayers’ tax
  deductions and credits are impacted (standard vs. itemized), SALT
  (state and local property, income, and sales taxes), the Child Tax
  Credit, and AMT (Alternative Minimum Tax).
• Standard vs. Itemized: Of the percentage who itemized last year, see
  how many will change to the standard deduction. Also see the
  percentage that will owe less, owe more, or stay the same based on
  whether they remain taking the standard deduction, itemized, or
  switched.
• SALT (state and local property, income, and sales taxes): Clarity for
  those who paid more than the $10,000 cap last year and whether they
  will benefit from switching to the standard deduction or still
  itemize, and whether they will owe less, more, or the same.
• Dependents:
  How dependents impact the federal average tax amount and whether more
  or less would be owed.
• AMT
  (Alternative Minimum Tax): Reveals the approximate percentage of
  taxpayers that will pay or not pay AMT under the new law.

Standard vs Itemized Deduction Interactive Tool

The new law nearly doubles the standard deduction, eliminates or limits
a number of common itemized deductions many people took in past years,
and lowered five of seven tax rates by about one to four percent.
According to TurboTax estimates, about 90 percent of
taxpayers will now take the higher standard deduction, up from 70
percent last year.

In just five screens, the free Standard
vs. Itemized Deduction Interactive Tool helps you understand whether
you may need to claim the standard deduction or itemize your tax
deductions under the new tax law based on your entries. If you are close
to the new standard deduction thresholds ($12,000 single and $24,000
married filing jointly), the tool will make recommendations to help you
maximize your tax deductions before the end of the year, whether that’s
donating more to charity or making the doctor visits you’ve been putting
off. Although TurboTax
figures out what will benefit taxpayers (Standard vs. Itemized) based on
their entries, this easy to use tool will also help you figure out where
you stand with your tax deductions, so you can make smart tax moves to
lower your taxable income before the end of the year.

Additional Free Tools and Resources:

• TurboTax
  TaxCaster – Updated for the new tax law, TurboTax TaxCaster
  Online and the TurboTax TaxCaster app allows taxpayers to get an
  estimate of their overall 2018 tax picture and get a side-by-side
  comparison of how the new tax law changes impact them.
• TurboTax
  W-4 Withholding Calculator – Easily estimate how many
  withholding allowances you should take to boost your tax refund – or
  your take-home pay – and estimate whether you had enough withheld from
  your paycheck.
• TurboTax Tax
  Reform Center – A one-stop shop, to get easy access to
  real-time, up-to-date tax reform information, tips, educational
  content, graphics, tools, videos, community topics, and our TurboTax
  Live CPAs, Enrolled Agents and Tax Attorneys.

All TurboTax
Online products are now available and will be up to date with
current tax laws, so taxpayers can file with complete confidence at tax
time. As a trusted resource with more than 30 years of tax expertise,
TurboTax combines technology, tools and TurboTax
Live CPAs, Enrolled Agents and Tax Attorneys to make sure customers’
taxes are done right.

About Intuit

Intuit’s mission is to Power Prosperity Around the World. Our global
products and platforms, including TurboTax,
QuickBooks, Mint
and Turbo, are designed to
empower consumers, self-employed and small businesses to improve their
financial lives, finding them more money with the least amount of work,
while giving them complete confidence in their actions and decisions.
Our innovative ecosystem of financial management solutions serves
approximately 50 million customers worldwide, unleashing the power of
many for the prosperity of one. Please visit us for the latest news and
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Contacts

Lisa Lewis
Intuit
(858) 215-7787
lisa_lewis@intuit.com