Chime, one of the leading fintech banking applications, has just announced via email that they are once again providing “100% Free” tax filing software for both Federal and State returns, including electronic filing. This offer is available to all new and existing Chime users, in collaboration with Column Tax and April, two companies that specialize in white-label tax software solutions.
To ease concerns about the quality of the tax software, Chime offers the following guarantees:
- 100% Accuracy Guarantee: If a user incurs an IRS penalty due to a calculation mistake made by Chime’s tax filing partners, April or Column Tax, they will be reimbursed up to $10,000.
- Max Refund Guarantee: If a user discovers they can get a larger refund through another provider, they will receive the difference back.
One potential drawback is that the tax filing process must be done through the app, which may be cumbersome for users with numerous manual entries. However, they do allow users to scan their previous year’s tax return to import last year’s data directly. It’s also worth noting that Chime does not require you to deposit your refund into a Chime Account to take advantage of the free tax filing.
According to Chime.com/taxes, their service covers various income types, including W-2 income, self-employment, 1099 freelance work, gig income, unemployment income, as well as crypto and stock sales. They also support itemized deductions. This app is particularly suitable for individuals with relatively simple tax situations, although those with some stock transactions or 1099 income may find themselves needing to upgrade to a more advanced TurboTax version, which incurs additional costs.
For new customers considering signing up, it’s advisable to use a $100 referral link, which currently provides a $100 bonus after making a direct deposit of $200 or more within 45 days of account opening. I appreciate your consideration if you choose to use mine. Chime has no minimum balance requirements or monthly fees.
