The new Automated Tax Return from Intuit, maker of TurboTax, will electronically import information from the most common tax forms: W-2 (Wage and Tax Statement), 1099-INT (Interest Income), 1099-DIV (Dividend Income), and 1099B (Broker transactions). This information will be placed directly on the tax return without the preparer having to enter any information on the forms.
Tax information will be provided by participating payroll and ebusiness services including Ceridian, Fidelity Investments, PeopleSoft, ProBusiness, Salomon Smith Barney, TD Waterhouse, T. Rowe Price and The Vanguard Group.
Also, imported information from Intuit's Quicken and QuickBooks software into the TurboTax program will be performed on a Just-in-Time basis with little user interaction.
"The Automated Tax Return is the Holy Grail of tax preparation," said Scott Cook, Intuit founder and chairman. "This is about taking a task that people hate and fundamentally changing it forever. With ATR, the technology does the work so taxpayers don't have to. TurboTax can slash the time it takes to prepare a tax return. This is great progress towards achieving our vision of the 10-minute tax return."
The new process promises to be hassle free, to save time, achieve greater accuracy, and promote ease of tax return preparation.
Market research indicates that 75% of people who prepare their own tax returns will embrace this automated approach.