BayPort Credit Union Tax Center

FAQ’s

• What is TurboTax for Online Banking?
• What are the benefits to those who use TurboTax for Online Banking?
• How will the member’s experience be different than if they do their taxes with the “normal” TurboTax Online product? 
• If a member has used TurboTax in the past, will her prior year data be available within TTOB?
• Where will TTOB be located within IB?
• Will the tab be up all year, or just during tax season? 
• How will TurboTax Online use and store user information (including tax data)? 
• Will BayPort Credit Union use and/or store user’s tax data?
• If a member is using TTOB, will Internet Banking time out?
• Are the online banking credentials (username and password) passed to TurboTax?
• How much will it cost members to use TurboTax?




• What is TurboTax for Online Banking?
  TurboTax for Online Banking is a new service that allows your online banking users to complete their tax return from their eBranch online banking website. TurboTax for Online Banking will be made available to BayPort Credit Union in December 2009. We will place a new tab in your credit union’s online banking website, behind the log in. The tab will be labeled “My TurboTax” and will allow users to complete their taxes using TurboTax Online (“TTO”) from their online banking account.
  
• What are the benefits to those who use TurboTax for Online Banking?
  The main benefit to the member is time savings and increased accuracy –their profile, tax and account data will be imported into TurboTax Online. Members will also find that TurboTax Online integrated into their online banking website is more convenient – they can do their taxes from a site they are already frequenting. The member will also save money, as they will receive a 15% discount when they use TTO from their online banking site.
  
• How will the member’s experience be different than if they do their taxes with the “normal” TurboTax Online product?
  Users will start their tax return directly from within their online banking session – they will not need to create a new user name or password to sign in to TTO, as it will use their online banking credentials. Some of their account information will be automatically transferred to TTO, saving them time in doing their taxes. When it is time to choose where to deposit their refund, all of their checking and/or savings accounts with your credit union (if available) will be presented and the user can select the one they prefer, which will save them from having to fill in account and routing numbers in TTO.
  Additionally, we will be adding personalized tax tools, and integrating TTOB with Personal FinanceWorks to give users an even richer experience down the road. All of this is available exclusively through credit unions and is not available through the “normal” TurboTax Online product. As always, all of the features that have made TurboTax the #1 rated and best-selling tax preparation software are available to the user.
  
• If a member has used TurboTax in the past, will her prior year data be available within TTOB?
  Yes. Individuals who have used TurboTax Online in the past can enter their TurboTax username and password during their first use of the product. This will allow TTOB to pull in their prior tax returns and data. Users only need to enter their username and password the first time they use the product. On subsequent uses of the product, the user will seamlessly enter the product via single sign-on from Internet Banking.
• Where will TTOB be located within IB?
  It will be located on a primary navigation tab that will be called “My TurboTax”. There will be a standard placement of the tab. If the credit union has Account Access, Bill Payment, the tab will be to the right of Bill Payment.
• Will the tab be up all year, or just during tax season?
  The tab will be up all year (tax planning tools will added in the spring/summer).
  
• How will TurboTax Online use and store user information (including tax data)?
  TurboTax Online stores user information on a firewall-protected server and can only be accessed using a unique user name and password (from TurboTax.com or by signing on through the credit union online banking website). We do not sell or rent personal or tax return information to anyone, we do not share personal or tax return information with anyone outside of Intuit for their promotional or marketing use, and we do not share tax return information inside of Intuit for promotional or marketing use. Intuit retains copies of completed and filed tax returns as required by IRS and state regulations and in accordance with Intuit’s Records and Information Management Policy. This information may also be used to perform analysis relating to claims under our guarantees, or to provide users a copy of their returns for their convenience. Learn more about the TurboTax privacy policy at http://turbotax.intuit.com/corp/privacy.jsp
• Will BayPort Credit Union use and/or store user’s tax data?
  No, BayPort Credit Union will not have access to tax return data. See the previous question for details of how TurboTax Online uses and stores tax data. 
  
• If a member is using TTOB, will Internet Banking time out?
  Yes. For security reasons, we are not implementing session synchronization between IB and TTOB. If a user is preparing her taxes, her inactive IB session will time out. Inactive tax preparation sessions will also time out separately. If IB times out, it will not interrupt or interfere with the tax preparation process. 
  
• Are the online banking credentials (username and password) passed to TurboTax?
  Absolutely not. Using an industry standard federation process, we map the online banking account to the TurboTax account, which allows the user single sign-on access to TurboTax. Online Banking credentials are never passed to TurboTax nor stored in TurboTax servers.
• How much will it cost members to use TurboTax?
  If a user has a simple return and doesn’t need much guidance, they will be able to complete their Federal return for free using TurboTax Online Free Federal Edition. Members that use paid versions of TurboTax Online will receive a 15% discount off of standard TurboTax Online pricing. TurboTax Deluxe is recommended for those who own a home, make charitable donations or have medical expenses. TurboTax Premier is the recommended product for those who own stocks, bonds, mutual funds or rental properties. For sole proprietors, consultants, contractors or single-owner LLCs, TurboTax Home & Business may be the best solution. E-file is included for all TurboTax Online versions at no additional charge and TurboTax State is an additional fee.

As users answer TurboTax Online’s interview questions, they’ll be prompted if another TTO program may be better for their tax situation. If they do need to upgrade, the information they’ve entered so far will transfer automatically – and they won’t be charged until they file.
 
Users who have already started their tax return using TurboTax Online will be able to continue their return from their online bank account using the TTO product they have already selected. 
Prices change each year and are generally set in the fall. Before TTOB goes live, credit unions can go to TurboTax.com to see the latest pricing information for each product.