The Little-Known Fidelity Tax Perk You Should Be Aware Of

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With tax time speedily approaching, many Americans are bracing for the prospect of having to pay Uncle Sam some money this year. But if you’re a Fidelity Investments account holder, you can save a little bit as well.

The popular investment company is offering a discount on TurboTax tax preparation products.

What Is the Fidelity TurboTax Discount?

The Fidelity TurboTax discount gives you up to $20 off the following tax preparation products, all of which allow you to file your taxes independent of the other:

  • TurboTax Online: This popular service lets you prepare and e-file your personal income taxes online from a laptop, PC or mobile device. Price: From free (basic) to $69 depending on which plan you choose.
  • TurboTax Live: Prepare your taxes online with help from a tax expert and a live review of your return before you file. Price: Free (basic) to $179 depending on the plan you choose.
  • TurboTax desktop downloads: Install TurboTax software on your personal computer. Price: $40 to $90 depending on the plan you choose.

On TurboTax's website, the $20 discount will be applied toward your total once you click the selected products.

Here’s what to know about Fidelity’s TurboTax discount.

Who Qualifies for Fidelity’s TurboTax Discount?

The discount is only for Fidelity account holders and must be accessed through a special link on the investment firm’s website.

According to Fidelity.com, “Discount offer valid only when you access TurboTax products and services using the link on Fidelity.com.”

So even if you're a Fidelity customer, you won't get the discount if you access TurboTax.com without starting at this Fidelity/TurboTax discount landing page.

Where Does the Money Go?

You may be wondering what Fidelity gets out of offering a discount on TurboTax tax prep software?

“Fidelity receives compensation as a result of your purchases with TurboTax through the links on Fidelity.com,” it says on the website.

What Does Clark Think About Fidelity’s TurboTax Discount?

Is there any downside to Fidelity’s TurboTax discount? If there is, neither Team Clark nor Clark himself can find one.

“It’s so cool that Fidelity offers this as an added benefit,” he says. “You win, they win. I would take Fidelity up on the offer.”

Final Thoughts

While TurboTax has a free plan, it's only for simple tax filing. If you have a retirement account such as a traditional IRA or a tax-advantaged account such as an HSA, you'll need to use one of TurboTax's paid versions.

TurboTax allows you to import your Fidelity account’s transaction information into its tax prep platform. Of course, you’ll need your Fidelity username and password to get started.

Fidelity is one of the big three brokerages, along with Vanguard and Schwab. Read our Team Clark Fidelity review.

More Tax Resources From Clark.com:

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