Credit Karma To Offer Free Tax Returns

Introduction

Credit Karma have announced that they will be offering free tax returns this year, you can currently sign up to reserve your spot. Up until this point Credit Karma’s business model has been to offer users access to a free credit score and other features, they then market credit offers (e.g credit cards) to their users and receive a commission for any sign ups.

This new tax return service will operate in the same way, in that there is no fee to use the service and they don’t require any credit card details on file. They have a fairly comprehensive F.A.Q that can be found here. You can also see what forms they support here.

credit-karma

Forms Supported

As mentioned above, the following are supported:

  • Form 1040
  • Schedule A
  • Schedule B
  • Schedule C
  • Schedule D
  • Schedule E
  • Schedule EIC
  • Schedule F
  • Schedule H
  • Schedule J
  • Schedule R
  • Schedule SE

 

  • Form W-2
  • Form W-2G
  • Form 1099-C
  • Form 1099-R
  • Form 1099-G
  • Form 1099-INT
  • Form 1099-DIV
  • Form 1099-MISC
  • Form 1099-SA
  • Form RRB-1099
  • Form SSA-1099
  • Form 982
  • Form 1116
  • Form 1310
  • Form 2106
  • Form 2210
  • Form 2441
  • Form 3468
  • Form 3800
  • Form 3903
  • Form 4136
  • Form 4137
  • Form 4562
  • Form 4684
  • Form 4797
  • Form 4835
  • Form 4868
  • Form 4952
  • Form 4972
  • Form 5329
  • Form 5405
  • Form 5695
  • Form 5884
  • Form 6198
  • Form 6251
  • Form 6252
  • Form 6478
  • Form 6781
  • Form 8283
  • Form 8379
  • Form 8396
  • Form 8582
  • Form 8586
  • Form 8606
  • Form 8615
  • Form 8801
  • Form 8812
  • Form 8824
  • Form 8829
  • Form 8834
  • Form 8839
  • Form 8853
  • Form 8859
  • Form 8862
  • Form 8863
  • Form 8880
  • Form 8888
  • Form 8889
  • Form 8910
  • Form 8917
  • Form 8919
  • Form 8936
  • Form 8941
  • Form 8959
  • Form 8960
  • Form 8962
  • Form 8965
  • Form 9465
  • Form 1040X

If you complete bank account bonuses, you should be pleased to see that 1099-INT forms are supported.

Our Verdict

Obviously it’s hard to judge how good this will actually be when it’s not currently available. One thing to remember is that when something is free, you’re usually the product. I think Credit Karma is the best out of the free credit monitoring services (e.g better than Credit Sesame/Quizzle) and they are continuing to add features like this.

Hat tip to reader Avi S

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19 Comments
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cows123
cows123 (@guest_892361)
January 29, 2020 11:48

Is the statement that people who complete bank account bonuses should be pleased that 1099-INT forms are included implying that most people here don’t have interest accruing bank accounts?

Ken
Ken (@guest_324680)
December 8, 2016 11:45

No 1099-K for Amazon sellers 🙁

Keith
Keith (@guest_324546)
December 8, 2016 00:10

Read somewhere that they don’t support two states or non resident states which is a bummer or would have tried them, will stick with turbotax

Dan
Dan (@guest_324448)
December 7, 2016 19:55

Hey Doc!

Those with annual incomes <62,000 can file for every on myfreetaxes.org
The website is run by United Way and you uses H&R Block software. Everything is supported and everything is free. You are also not the product.

Daniel
Daniel (@guest_324512)
December 7, 2016 22:36

The IRS offers this service from various providers (usually including H&R Block) via the FreeFile program.

Tamara
Tamara (@guest_326916)
December 14, 2016 02:47

I don’t think I want Credit Karma playing in my tax information. Not only that but the FreeFile program you mentioned is the way I’ve gone for years. TurboTax is in there too and offers state taxes usually if federal is covered. Plus I like pulling in last years data automatically less button clicking and looking for documents

Amanda
Amanda (@guest_324421)
December 7, 2016 18:43

Do they support 1040NR-EZ?

Skor
Skor (@guest_324436)
December 7, 2016 19:22

With due respect, just read – William compiled a list of what forms are supported for you to read yet this question? Before the list, he mentioned clearly “They have a fairly comprehensive F.A.Q” with a link where you could have gone yourself to check.

Friendly advice – don’t take it the wrong way – just read the entire article before asking questions.

Dan
Dan (@guest_324449)
December 7, 2016 19:55

1040EZ is just a short version of the 1040… it’s not a separate form so yes.

Colin
Colin (@guest_324563)
December 8, 2016 01:01

1040NR-EZ is different than the 1040 EZ…………

Lrdx
Lrdx (@guest_324554)
December 8, 2016 00:40

It’s in the FAQ: They don’t support nonresident returns this year.

Bart Hooper
Bart Hooper (@guest_324348)
December 7, 2016 16:46

1099-INT is fairly standard I thought? At least I recall it being available via the free tier of TurboTax. What I like to see here is the Schedule D for capital gains/losses. Had to pay extra to get that on TurboTax last year. They also wanted extra to do state returns even though that wasn’t even applicable for state returns. Used a different one for state and may stay entirely away from TurboTax out of spite…

Terry
Terry (@guest_324409)
December 7, 2016 17:51

Curious why you think that 1099-INT is useful if you completed bank account bonuses. The Form 1099-INT is issued by the bank.

Tim
Tim (@guest_324482)
December 7, 2016 21:31

If you got a 1099-INT from a bank, then you need tax return software that supports 1099-INTs. Derp.

Terry
Terry (@guest_324687)
December 8, 2016 12:04

You don’t need to be rude. Plus you don’t know what you are talking about. When it says that is supports Form 1099-INT, it means that you can prepare this form and send it people to whom you have paid interest. It has nothing to do with importing data from a Form 1099-INT that you have received from a bank.

Dan
Dan (@guest_324450)
December 7, 2016 19:56

1099 simply shows ho much interest was paid to you. There is no “supporting” a 1040 form. You get a 1099-INT, you add them all up and that’s your interest income.

Gwen
Gwen (@guest_324696)
December 8, 2016 12:23

TurboTax is really, really overpriced. I use TaxHawk.com which is totally free for federal returns and only $12 or so for state. My state’s taxes are super easy though so I just do them manually for free.

Eric
Eric (@guest_324764)
December 8, 2016 15:10

What site did you use for state? How much did it cost?