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Deep Bench: What has changed this tax filing season?

Source: AP Images
Source: AP Images(KALB)
Published: Feb. 12, 2020 at 5:10 PM CST
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Believe it or not, tax season is only months away. In preparation for that April day, Credit Karma has a tax program to help simplify the tax experience.

Most people dread the idea of taxes and few people understand them. To help navigate, Credit Karma’s Tax Hub allows members to estimate their tax refund using a forecaster tool and also get information about their tax situation, year-round, through Tax Data Insights.

Credit Karma VP and Financial Advocate, Dana Marineau joined NewsChannel 7 at 4 via satellite on Wednesday to provide useful tips to help people file this season.

“Last year, there were so many changes because of tax reform. Thankfully not nearly as many changes this year, only three that we think are really important to remember.”

Those changes are:

- Those 65 or older will have a much simpler form with bigger boxes, fewer questions and larger font.

- There is a Yes/No checkbox from the IRS about virtual curranty like bitcoin. They will use the data to track how consumers are using and transacting with virtual currency.

- No penalty on the federal level for those without health insurance. But that may not be true for every state, so Marineau advises to double check.

The biggest tip Marineau has for those filing taxes is to not procrastinate. Get organized now with your W-2s, receipts and other tax documents so it’s ready to use when you want to file. The deadline to file your taxes or file for an extension is Wednesday, April 15.

She said Credit Karma Tax is the only major preparation program that never charges users to file and offers a maximum refund guarantee and free audit defense. It is a trusted resource to its more than 90 million members in the United States.

Credit Karma Tax also launched a first-of-its-kind product integration for all members who filed with the service. Members who file with Credit Karma Tax, will have the option to allocate a portion of their tax refund to savings. In as few as three clicks, members can open a high-yield savings account with Credit Karma and fund it with a portion of their refund.

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