According to the US Census Bureau, more than 50 percent of Americans are
married, yet no personal finance app shows a consolidated and holistic
view of a household’s IRS-verified income, leaving multi-income families
underserved in financial resources. Today, Turbo
from Intuit Inc. (Nasdaq:INTU) the maker of TurboTax®
is solving this with the launch of a new household income view giving
consumers a more robust financial health profile that empowers them to
make informed financial decisions with confidence.
With this update, Turbo users will be able to automatically import all
income streams – whether a full-time job with a W-2, a side gig with a
1099, or non-taxable military income – for both themselves and their
spouses directly from TurboTax. Users will also be able to add in any
additional self-reported income for themselves or other family members
and toggle between their individual, household and self-reported incomes
for a more complete picture.
This most recent update is important because the first step in taking
control of your finances is understanding your true income and debt.
This more holistic view is also valuable if users choose to share their
household view with Turbo partners to apply for better rates, and to
prequalify or even be preapproved for loans.
“Too many Americans practice avoidance when it comes to their financial
lives – it can be scary to tackle head on. Our goal with Turbo is to
empower consumers to understand where they truly stand, so they can take
that first step toward achieving their financial goals,” said Varun
Krishna, Vice President of Product Management, Intuit’s Consumer Group.
“A household income view is just the beginning as we continue to listen
to users and provide them with a richer and deeper financial profile.”
Turbo, which Intuit
Inc. launched in 2017, is the first free personal finance app that
brings together three key numbers: credit score, verified IRS-filed
household income and user’s debt-to-income ratio. Together, these three
numbers provide a more complete picture of where users truly stand
financially and how to take the first step to improving their financial
Turbo features now include:
NEW! Household Income: Turbo represents income not only for
individuals with complex situations (multiple W-2s, 1099s, etc.) but
now does so for households as well.
Credit Score and More: Turbo shows the three numbers that
matter to financial
health – credit score, verified IRS-filed income and
debt-to-income ratio – to give you your true financial profile.
Customized Advice and Insights: Turbo provides customized
advice and insights, like how a user might improve their
debt-to-income ratio or improve
their credit score, so they can qualify and secure a loan at the
best rate possible.
Benchmarking: Turbo will help consumers benchmark themselves
against people like them using verified tax and credit data, so they
can see where they stand financially compared to others like them.
24/7 Credit Monitoring: Turbo alerts users as soon as it
notices new or suspicious activity on their credit report. Users can
get instant access to their report and see what’s changed.
The Turbo app is free for everyone and available at www.Turbo.com,
in the Apple App Store, and in Google Play.
Intuit’s mission is to Power Prosperity Around the World. Its 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. Intuit’s innovative ecosystem of financial
management solutions serves partners and 46 million customers worldwide,
unleashing the power of many for the prosperity of one. For the latest
news and in-depth information about Intuit and its brands, visit Intuit.com
and follow on Facebook.