SAN DIEGO--(BUSINESS WIRE)--According to the US Census Bureau, more than 50 percent of Americans are married, yet no personal finance app shows a consolidated and holistic view of a household’s IRS-verified income, leaving multi-income families underserved in financial resources. Today, Turbo from Intuit Inc. (Nasdaq:INTU) the maker of TurboTax® and Mint®, is solving this with the launch of a new household income view giving consumers a more robust financial health profile that empowers them to make informed financial decisions with confidence.
With this update, Turbo users will be able to automatically import all income streams – whether a full-time job with a W-2, a side gig with a 1099, or non-taxable military income – for both themselves and their spouses directly from TurboTax. Users will also be able to add in any additional self-reported income for themselves or other family members and toggle between their individual, household and self-reported incomes for a more complete picture.
This most recent update is important because the first step in taking control of your finances is understanding your true income and debt. This more holistic view is also valuable if users choose to share their household view with Turbo partners to apply for better rates, and to prequalify or even be preapproved for loans.
“Too many Americans practice avoidance when it comes to their financial lives – it can be scary to tackle head on. Our goal with Turbo is to empower consumers to understand where they truly stand, so they can take that first step toward achieving their financial goals,” said Varun Krishna, Vice President of Product Management, Intuit’s Consumer Group. “A household income view is just the beginning as we continue to listen to users and provide them with a richer and deeper financial profile.”
Turbo, which Intuit Inc. launched in 2017, is the first free personal finance app that brings together three key numbers: credit score, verified IRS-filed household income and user’s debt-to-income ratio. Together, these three numbers provide a more complete picture of where users truly stand financially and how to take the first step to improving their financial health.
Turbo features now include:
- NEW! Household Income: Turbo represents income not only for individuals with complex situations (multiple W-2s, 1099s, etc.) but now does so for households as well.
- Credit Score and More: Turbo shows the three numbers that matter to financial health – credit score, verified IRS-filed income and debt-to-income ratio – to give you your true financial profile.
- Customized Advice and Insights: Turbo provides customized advice and insights, like how a user might improve their debt-to-income ratio or improve their credit score, so they can qualify and secure a loan at the best rate possible.
- Benchmarking: Turbo will help consumers benchmark themselves against people like them using verified tax and credit data, so they can see where they stand financially compared to others like them.
- 24/7 Credit Monitoring: Turbo alerts users as soon as it notices new or suspicious activity on their credit report. Users can get instant access to their report and see what’s changed.
The Turbo app is free for everyone and available at www.Turbo.com, in the Apple App Store, and in Google Play.
Intuit’s mission is to Power Prosperity Around the World. Its global products and platforms, including TurboTax, QuickBooks, Mint and Turbo, are designed to empower consumers, self-employed, and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Intuit’s innovative ecosystem of financial management solutions serves partners and 46 million customers worldwide, unleashing the power of many for the prosperity of one. For the latest news and in-depth information about Intuit and its brands, visit Intuit.com and follow on Facebook.