Financial Institution FAQ's


Below is an overview of TurboTax for Online Banking, a new offering which will be made available to your end users in Consumer Internet Banking (IB) in December 2009. If you have further questions that aren’t addressed here, please contact your Digital Insight relationship manager.

Product Overview Questions

  1. What is TurboTax for Online Banking?
  2. What are the benefits to FIs participating in the TurboTax for Online Banking program?
  3. What are the benefits to those who use TurboTax for Online Banking?
  4. What information can be transferred from the user’s online banking site to TurboTax Online? 
  5. How will the customer’s experience be different than if they do their taxes with the “normal” TurboTax Online product? 
  6. My FI participated in the TurboTax Affiliate Program last year. What is the difference between TurboTax for Online Banking and the TurboTax Affiliate Program?
  7. What types of tax returns and products does TurboTax for Online Banking support?
  8. Can TurboTax customers who use the TurboTax desktop version use TTOB?
  9. If a customer has used TurboTax in the past, will her prior year data be available within TTOB?
  10. What other features are on the TTOB roadmap?
  11. How is 1099 information passed to TTOB?
  12. Do I need to send DI 1099 data in order for TTOB to work?
  13. Will TT1OB be available exclusively on the Internet Banking platform?
  14. Can a user file their state tax return using TTOB?
  15. When end users go from the splash page to the TurboTax site will there be a warning letting them know they are no longer on the bank website, but on a third party website? Also will the TurboTax site be branded with the banks logo like it was last year?
  16. Will TTOB work with Mac users? 
  17. If a member/customer closes his account, can he still access his tax return data? 
  18. Are other tax preparation providers offering a similar service?

Location of TTOB within Internet Banking

  1. Where will TTOB be located within IB?
  2. Will the tab be up all year, or just during tax season? 
  3. What happens if it appears that there isn’t enough space on the GUI?
  4. Can FIs preview the tab?
  5. Will any other changes need to be made to the site (resolution etc.) to accommodate the tab?

Safety and Security Questions

  1. Is it safe to transfer bank account information to TurboTax?
  2. How will TurboTax Online use and store user information (including tax data)? 
  3. Will the financial institution use and/or store user’s tax data?
  1. Will the financial institution’s privacy policy or the TurboTax privacy policy protect user’s data? 
  2. If a member/customer is using TTOB, will Internet Banking time out? 
  3. Are the online banking credentials (username and password) passed to TurboTax?
  4. How will TTOB handle support for end users
  5. Does the FI have any liability if the user has an issue with TurboTax and the way their return was prepared?

Pricing Questions

  1. What will it cost the FI to participate in the TurboTax for Online Banking program?
  2. How much will it cost customers to use TurboTax?
  3. When will the TurboTax Online user have to pay? 
  4. Can a user pay for TurboTax Online with funds from their bank account?
  5. If the user doesn’t get a refund, will their tax payment be withdrawn from the account they select when I sign up?

Timing and Misc. Questions

  1. When does the TurboTax for Online Banking program begin? 
  2. Why can’t I (the FI) access all of the user status logs within Management Console?
  3. Will TTOB require any implementation effort on my part?
  4. How can I get more information about TTOB?

Integration with FinanceWorks Questions

  1. Is TTOB integrated with Personal FinanceWorks? 
  2. Does my FI have to have FinanceWorks for TTOB to work?
  3. Where will TTOB appear within my Internet Banking platform? 
  4. Will TTOB use the aggregated accounts in FinanceWorks to pull in 1099 data from multiple FIs?

Marketing Questions

  1. How is this program being marketed?

Product Overview Questions

  1. 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 online banking website. TurboTax for Online Banking will be made available to all Digital Insight financial institutions in December 2009. We will place a new tab in your FI’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.
     
  2. What are the benefits to FIs participating in the TurboTax for Online Banking program?
    TTOB is another step toward connecting disparate parts of a person’s financial life—paying bills, transferring money, paying taxes, and tracking expenses—and making the FI the hub of financial decision-making. TTOB integrates tax preparation with FinanceWorks as well as Internet Banking, giving end users a richer online experience and faster, more accurate tax preparation, which will help make customers more loyal to the FI and, ultimately, more profitable. This is a differentiated offering that only Intuit can provide to FIs.

    Financial Institutions will also benefit from increased deposits. Over 80% of TurboTax users receive a refund and TTOB makes it very easy for users to deposit their refunds directly into their checking, savings or other accounts at your institution – their bank account information will be imported into TTO and the direct deposit page will be pre-populated with the routing, transit and the account number of the user’s choice. In our Tax Year 2008 pilot program, 94% of those users who direct deposited their refund did so in their default FI account.

    Another benefit to the FI is that TurboTax for Online Banking can help build a higher net promoter score. 89% of users in the pilot program had a more favorable impression of their FI for offering TTOB, 47% were more likely to recommend their FI to a friend and 25% were more likely to visit the FI website because of their TurboTax experience.
     

  3. What are the benefits to those who use TurboTax for Online Banking?
    The main benefit to the customer is time savings and increased accuracy – their profile, tax and account data will be imported into TurboTax Online. Customers will also find that TurboTax Online integrated into their online banking web site is more convenient – they can do their taxes from a site they are already frequenting. The customer will also save money, as they will receive a 15% discount when they use TTO from their online banking site.
     
  4. What information can be transferred from the user’s online banking site to TurboTax Online? 
    We’ll transfer the following information from the user’s online bank account to TTO (when available from the host FI):
    1. Name
    2. Address
    3. Phone number
    4. Social Security Number
    5. Email address
    6. Name of your financial institution
    7. Bank Routing Number for all checking and/or savings accounts they have with that FI
    8. Account Number for all checking and/or savings accounts they have with that FI
    9. Account Type (checking or savings) for all checking and/or savings accounts they have with that FI
    10. Account Name for all checking and/or savings accounts they have with that FI
    11. 1099-INT, 1099-DIV
       
  5. How will the customer’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 FI (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 FIs 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 the user has used TurboTax Online in the past, the information from their past returns will still be available to them. 
     

  6. My FI participated in the TurboTax Affiliate Program last year. What is the difference between TurboTax for Online Banking and the TurboTax Affiliate Program?
    TurboTax for Online Banking provides several advantages over the Affiliate Program, both for FIs and end users. For FIs, integration into online banking means more tax refund deposits are driven into the FI accounts, because the direct deposit page in TurboTax Online is pre-populated with the routing, transit and the account number of the user’s checking and/or savings accounts from your FI. In our Tax Year 2008 pilot program, 94% of those users who direct deposited their refund deposited it in their default FI account. For end users, their profile and account data will be imported into TurboTax, resulting in time savings and increased accuracy.

    Starting with Tax Year 2009, TurboTax for Online Banking replaces the TurboTax Affiliate Program for Digital Insight FIs. Contact your relationship manager for more details.
     

  7. What types of tax returns and products does TurboTax for Online Banking support?
     TTOB supports the full range of tax situations from simple individual returns to complex returns involving a small business. The TurboTax Online products Free, Deluxe, Premier and Home & Business are offered to TTOB users. 
     
  8. Can TurboTax customers who use the TurboTax desktop version use TTOB?
    Yes. Individuals who have used TurboTax desktop version (i.e. downloaded the software to their personal computer or purchased a TurboTax CD) can download the desktop software from the landing pages within Internet Banking. They will receive the 15% discount offered to FI customers, but, because of technical limitations, won’t have the benefit of having their information pre-populated into their tax return. Desktop users who wish to convert to the online version can do so by uploading their tax file through a simple process accessed from within the desktop software.
     
  9. If a customer 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. 
     
  10. What other features are on the TTOB roadmap?
    After the tax season, we plan to add a host of personalized tax tools to help individuals understand the tax consequences of various financial decisions they make. These tools will be available for use free of charge on the TTOB landing page within Internet Banking. Additionally, we are planning further integration with FinanceWorks as well a supporting the automatic import of additional tax forms (1098 mortgage interest, remaining 1099 forms).  
     
  11. How is 1099 information passed to TTOB?
    Using secure FTP technology already employed by Digital Insight, the FI will send us a copy of the .irs file they are required to send to the IRS. TTOB will then call that database to retrieve the correct form for a specified user after he/she consents to having the 1099 data imported. If the FI issues updated forms, they should send us a copy of the file they send to the IRS to ensure that their users have the most up-to-date information. This will be an extremely simple process that should require very little effort on the part of the FI.
     
  12. Do I need to send DI 1099 data in order for TTOB to work?
    No. Our research has shown that enabling your members/customers to automatically import their 1099 information is a significant customer delighter. However, providing this additional benefit is not required for TTOB to function properly.

  13. Will TTOB be available exclusively on the Internet Banking platform?
    Yes. TTOB will be released on the IB platform. We currently do not have a time table to offer TTOB on the Business Banking or Commercial Banking platforms. 
     
  14. Can a user file their state tax return using TTOB?
    Yes. TTOB has the full functionality of TurboTax Online. Users can file their federal return and multiple state returns through the product. 
     
  15. When end users go from the splash page to the TurboTax site will there be a warning letting them know they are no longer on the bank website, but on a third party website? Also will the TurboTax site be branded with the banks logo like it was last year?
    There won’t be a warning page when they go to the TurboTax website, also hosted by Intuit (who is not a 3rd party and host Internet Banking). Once they start preparing their taxes, TTO will open in a new popup window, and the pages will have the Intuit/TurboTax branding as well as the links to the Intuit privacy statement, support and license agreement.
     
  16. Will TTOB work with Mac users?
     Yes. Mac users can use the product. 
     
  17. If a member/customer closes his account, can he still access his tax return data?
    Yes. He can log in to TurboTax.com and access his account data using his TurboTax username and password. If he doesn’t remember the username and password, he can reset it on the TurboTax.com site. While users will need to continue to access their return through the FI to get the benefit of data pre-population, FinanceWorks integration, and the use of free tax planning tools, we do not want to block anyone from being able to access their tax data, even if they switch financial institutions. 
     
  18. Are other tax preparation providers offering a similar service?
    Not to our knowledge. We do not know of any TurboTax competitors offering tax preparation integrated into the online banking site. 

Location of TTOB within Internet Banking

  1. 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 FI has Account Access, Bill Payment, and SBFW the tab will be to the right of SBFW. If the FI has Account Access and Bill Payment (no SBFW) the tab will be to the right of Bill Payment. If the FI has Account Access (no Bill Payment, no SBFW) the tab will be to the right of Account Access. All buttons will be standard buttons (i.e. g-buttons will not be used).

  2. 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).
     
  3. What happens if it appears that there isn’t enough space on the GUI?
    A. If the client's site is built at 800x600 and needs to be expanded to accommodate the TTOB button, we will increase the screen resolution to 1024x768, which is the industry standard. If they have no room for navigational expansion at 1024x768, we will work w/them to re-cut their nav to fit, free of charge --this would only be an issue with Flex/eGUIs, not standard. 
     
  4. Can FIs preview the tab?
    No, there's nothing to preview, since the buttons will be rolled live by the config script shortly before TTOB goes live in early December. Screenshots showing how it will look are included in the FI webcast materials posted on the client gateway. If the lack of preview becomes a problem, the FI should contact their RM.
     
  5. Will any other changes need to be made to the site (resolution etc.) to accommodate the tab?
    Any modifications that need to be made to a site to accommodate TTOB are free of charge. Some sites may require changes to resolutions, but this should not affect the operation of the IB site.  

Safety and Security Questions

  1. Is it safe to transfer bank account information to TurboTax?
    The TurboTax data center employs the latest encryption technology when receiving data over the internet that safeguards the user’s financial and personal information. User information is also private. We have strict guidelines and practices in our workplace to protect user privacy.
     
    When TurboTax securely retrieves tax information directly from the financial institutions, there are several advantages over entering data manually including:
    1. Easy, fast, and secure transmission of sensitive data that saves the customer/user time
    2. Reduction of potential errors and omissions, increasing the accuracy of the tax return 
    3. Reduction of any electronic filing errors for hassle-free tax return filing
       
  2. 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 FI 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
     
  3. Will the financial institution use and/or store user’s tax data?
    No, the financial institution will not have access to tax return data. See the previous question for details of how TurboTax Online uses and stores tax data. 
     
  4. Will the financial institution’s privacy policy or the TurboTax privacy policy protect user’s data?
    The financial institution’s privacy policy protects the user’s online banking data. The TurboTax privacy policy protects TurboTax tax return data. To learn more, please visit: http://turbotax.intuit.com/corp/privacy.jsp
     
  5. If a member/customer 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. 
     
  6. 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 signon access to TurboTax. Online Banking credentials are never passed to TurboTax nor stored in TurboTax servers. 
     
  7. How will TTOB handle support for end users
    TTOB incorporates Intuit’s state-of-the-art Live Community, a forum where users can search for answers to questions, or post a question to be answered by Intuit’s tax experts and TurboTax users. Additionally, end users can call the Intuit call center or resolve their problem through chat. Finally, users can email TurboTax to get their questions answered. We will also provide your front-line staff with FAQs, contact information to reach both the DI call center and the TurboTax call center. 
     
  8. Does the FI have any liability if the user has an issue with TurboTax and the way their return was prepared?
    The end user’s use of the TTOB product is governed by the TurboTax license agreement (which is between Intuit and the End User) which the end user agrees to when they purchase the product.  That agreement sets forth the limitations of liability and terms of use of the product.  
     
    You can find a link to the license agreement in a link at the bottom page of TurboTax.com. This same license agreement will also cover TTOB.
     

Pricing Questions

  1. What will it cost the FI to participate in the TurboTax for Online Banking program?
    There is no cost to your FI to participate in the TurboTax for Online Banking program.
     
  2. How much will it cost customers 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. Customers 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, FIs can go to TurboTax.com to see the latest pricing information for each product.|
     

  3. When will the TurboTax Online user have to pay?
    If the user chooses to use TurboTax Online Federal Free Edition, they will be able to file their federal taxes for free. Those who use one of the other versions of TurboTax won’t pay anything until they file their taxes – and at that time they will receive a 15% discount. E-file is included for all TurboTax Online versions free of charge and TurboTax State is an additional fee.
     
  4. Can a user pay for TurboTax Online with funds from their bank account?
    Not at this time. They will need to pay using a credit card, or by having the price of TurboTax Online deducted from the refund.
     
  5. If the user doesn’t get a refund, will their tax payment be withdrawn from the account they select when I sign up?
    If a user has taxes due, they will be prompted to choose a method of payment. These methods include direct debit within TurboTax Online, check, money order or credit card. If the user chooses the direct debit method, they can select a default account from your FI or enter another account. The account information entered does not have to be with your financial institution. 

Timing and Misc. Questions

  1. When does the TurboTax for Online Banking program begin?
    The tab/link within the online banking website is scheduled to go live in December 2009 – the exact date is TBD.
     
  2. Why can’t I (the FI) access all of the user status logs within Management Console?
    IRS privacy regulations prohibit Intuit from disclosing an individual customer’s tax return information to third parties, including the financial institutions offering TurboTax. Consequently, Intuit cannot allow FIs to query logs that disclose which individual users have started using the product or filed a tax return. However, through a link in Management Console, Intuit can provide you with the following information: 1) Aggregate reports (does not identify individual users) on the total number of users at your FI who filed tax returns using the product, as well as the number of users depositing their refunds at your FI and 2) ability to query log files to determine which individual users have NOT started using the product. Please log in to Management Console and click on the TurboTax button to access this functionality.  
     
  3. Will TTOB require any implementation effort on my part?
    No. TTOB will be rolled out as a release to all customers on the IB platform starting in early December. It will require no implementation effort on your part.
     
  4. How can I get more information about TTOB?
    You have several avenues to learn more about TTOB. First, you can join an upcoming webcast which will provide an overview of the product and its functionality as well as the free marketing program we are producing to help you promote TTOB. Second, you can listen to a recorded webcast or view informational materials on the Digital Insight Client Gateway. Finally, you can contact your Relationship Manager who will have additional information about TTOB and can help answer any remaining questions you have. 

     

Integration with FinanceWorks Questions

  1. Is TTOB integrated with Personal FinanceWorks?
    Yes. This year we will be enhancing FinanceWorks to track and autocategorize tax deductible expenses, such as charitable contributions and child care deductions. Users will be able to review the transactions FinanceWorks has categorized and select which transactions they want to have transferred to TTOB and pre-filled in their tax forms. 
     
  2. Does my FI have to have FinanceWorks for TTOB to work?
    No. FinanceWorks provides additional functionality and benefit to your end users, but TTOB does not need FinanceWorks to function properly. 
     
  3. Where will TTOB appear within my Internet Banking platform?
    TTOB will appear as a primary navigation tab within Internet Banking. The tab will be called “My TurboTax” and will match the look and feel of your existing IB tabs. If you have further questions about this, please contact your Relationship Manager.
     
  4. Will TTOB use the aggregated accounts in FinanceWorks to pull in 1099 data from multiple FIs?
    This functionality will not be available for the upcoming tax season, but is on the roadmap for the following year. Eventually, FinanceWorks users will be able to pull in the relevant 1099 and 1098 data from multiple the aggregated FI accounts in FinanceWorks. 

Marketing Questions

  1. How is this program being marketed?
    We proved in our pilot program in Tax Year 2008 that increased marketing efforts drive more end users to TurboTax Online, which is turn drive more deposits to the FI. We are encouraging Digital Insight FIs to sign up for our marketing campaign, which will include an emails series, banner ads, and log in prompts. We will also make a marketing toolkit available to all FIs through the DI Client Gateway, which will include in branch print materials such as flyers and statement inserts, general messaging that can be used in your standard FI marketing efforts, as well banners and emails, for those who choose not to participate in the marketing campaign.