Mint opens IRA tax centre
11 February 2010 | 1774 views | 0
For people looking for last-minute ways to save money on income taxes, while also investing for the future, an individual retirement account (IRA) may be the answer.
"It helps guide people toward information that will help them through financial decisions."
The new IRA center, available from Mint.com, a leading online personal finance service from Intuit Inc. (Nasdaq:INTU) makes it easy to open a tax deductible IRA for the 85 percent of taxpayers who qualify for them.
IRAs can save an individual up to $1,500 on taxes for each year's contribution, and any size contribution has a significant return. Those using TurboTax®, the nation's best-selling tax preparation software, can access the Center from within the product for a quick and simple way to open an IRA and claim the deduction for the biggest possible refund.
"It takes just 10 minutes to open an IRA account and save up to $1,500 on taxes," said Aaron Patzer, vice president and general manager of Intuit's Personal Finance Group. "But most people miss out because they don't know how to get started, or don't realize the full potential of the savings."
The IRA Center helps taxpayers compare the benefits of a traditional or Roth IRA and links to institutions that offer accounts. TurboTax Online customers can immediately see their potential savings as they prepare their 2009 tax return.
"By combining Mint and TurboTax, we can help people understand and instantly see how this benefits them right away. There are millions of dollars that can be saved this year - with long-term retirement benefits that far exceed that number."
Taxpayers who use both Mint.com and TurboTax can see even greater savings and get more help making the most of their money. TurboTax customers who sign up for Mint.com will get a text or e-mail alert when their tax refund is deposited to their account. Mint.com will recommend savings options that will help consumers put more money in their pocket.
Personal financial management tools like Mint.com also help people better prepare for next year's taxes, by starting early and organizing spending, savings and investing.
"Mint goes beyond personal finance management," said Patzer. "It helps guide people toward information that will help them through financial decisions."