Credit Karma announced that it is integrating TurboTax tax preparation software into its app and giving its 110 million members faster access to their refunds.

Access to TurboTax, which is owned by Credit Karma’s parent company, Intuit, will allow most Credit Karma members to file their federal taxes directly through the app. Additionally, those who deposit their full refund into a Credit Karma Money Spend account will be eligible for the free deposit and may be able to receive a portion of their refund sooner through the TurboTax Refund Advance program.

“Repayments are often the biggest paycheck of the year for many Americans, averaging around $ 2,800 per person. At the same time, 60% of Americans can’t find $ 1,000 in the event of We want to close this gap by helping consumers access their refunds faster and giving them a better place to receive and manage their money, ”said Poulomi Damany, Managing Director of Assets and Taxes at Credit Karma, in a press release. “With Credit Karma Money, members have access to a suite of tools to help them manage their bills, save money and, for some members, build credit.”

Additionally, for members who have previously filed their taxes with TurboTax, a new feature in the Credit Karma app called Financial Insights will now offer insight into their previous years’ tax returns, and their data trends over time. and their comparison with other members. with similar profiles.

“Like credit scores, taxes are an essential part of our financial life. However, for much of the year, taxes are largely ignored by consumers. This is because they can be intimidating and confusing for most people. This is an issue that we are well positioned to address, especially now that we are part of the Intuit family, ”Ken Lin, founder and CEO of Credit Karma, said in a statement. “By joining forces with TurboTax, we believe we can deliver more value to our members, by giving them greater visibility into their income and taxes throughout the year, and by providing them with a reporting experience. fluid and top-notch income. “

Credit Karma was founded in 2007 and began offering free tax preparation on its own in 2017, eventually preparing up to a million returns in a single tax season. It was purchased by Intuit in early 2020.