Taxpayers will instantly see the benefit of opening a Wells Fargo IRA while preparing their tax returns in TurboTax. For 2001, consumers can reduce their taxable income up to $2,000 within a single tax year by establishing an IRA, while in 2002, the maximum contribution will be raised to $3,000. Taxpayers can open and fund an IRA until April 15, 2002 and receive the full benefit on their 2001 tax return.
The integration of this IRA application within TurboTax offers a huge benefit to tax filers by showing them how opening an IRA can improve their unique tax situation, said Shelley Freeman, executive vice-president, Wells Fargo Investment Internet Services. This service provides a seamless and convenient way for eligible tax filers to reduce their taxable income, benefit from this last-minute deduction, and build a retirement savings that can mature over time. Wells Fargo is excited to partner with TurboTax to introduce this feature to consumers.
As the exclusive integrated provider of IRAs to TurboTax customers, Wells Fargo continues its commitment to innovation in online banking and IRA services. Wells Fargo was the first financial institution to provide the ability to open and fund an IRA online in February 2000.
Wells Fargo team members and consumers can take advantage of a 20 percent discount off TurboTax for the Web by enrolling at www.wellsfargo.com. Additionally, the approximately 300,000 customers who formerly prepared their tax returns with the H.D. Vest online service – which was acquired by Wells Fargo in 2001 – will also receive a discount.
TurboTax customers already know the benefits of preparing and filing their taxes online. There’s nothing that is easier, faster or more convenient, said Bob Meighan, vice president of Intuit’s Consumer Tax Group. Wells Fargo is making TurboTax an even better value by offering great savings to all its customers and we believe that once someone uses TurboTax for the Web, they’ll see why it is the most popular online tax preparation service.
