CEDAR RAPIDS, Iowa, Feb. 23, 2017 (GLOBE NEWSWIRE) -- TaxAct today announced it has greatly expanded its electronic import capabilities for the most common tax forms including W-2 (Wage and Tax Statement), 1099-B (broker transactions), 1099-INT (interest income) and 1099-OID (Original Issue Discount), 1099-DIV (dividend income), and 1099-R (retirement income). Customers will delight in the redesigned import user interface and simplified process to expedite the income portion of the TaxAct Online question-and-answer interview.
“Providing more comprehensive electronic data import from thousands of employers, brokerage firms, mutual fund companies and others who issue tax forms saves our customers a great deal of time and helps them reduce errors for a more accurate tax return,” said Bill Hendricks, vice president of Product, TaxAct. “In addition, our customers can now import account information so they can directly deposit their tax refund into those accounts, helping to grow their refund over time.”
Industry-leading technology makes import a breeze
Taxpayers can automatically import salary information directly from their employer straight into their TaxAct Online return. TaxAct can now import Forms W-2 for more than 75 million Americans, a significant improvement over last year. Once a TaxAct Online customer provides a few pieces of information, W-2 records are converted to the standard format for electronic delivery of tax information, “OFX” (Official Financial Exchange). OFX standards were developed by a consortium of companies in financial services and technology.
Filers can also use their iPhone or Android mobile device to snap a picture of their W-2 forms and upload them directly into the TaxAct Express™ mobile app. TaxAct then automatically populates the filer’s 1040 EZ form, jump starting return preparation.
Peace of mind with secure data encryption
TaxAct uses the same advanced encryption technology used by banks and other financial institutions. Customers can rest assured their information is protected from unauthorized access during transmission from their brokerage or payroll provider into their TaxAct income tax return.
About TaxAct
TaxAct is a leading provider of affordable digital and download tax software for individuals, business owners and tax professionals. The company’s mission is to empower people to navigate the complexities of tax and finance with ease and accuracy – at a clear, transparent and fair price. As evidence of its commitment to transparent pricing, TaxAct has long-offered a Price Lock Guarantee that ensures its customers pay the price listed for their selected online product at the time they started their return, no matter when they file. TaxAct was one of the top three visited online tax preparation destinations last tax season1 and has assisted with approximately 65 million e-filed federal returns since 2000. To learn more about TaxAct, a business of Blucora, Inc. (NASDAQ:BCOR), visit www.TaxAct.com or connect with us on Facebook, LinkedIn and Twitter.
1 According to collective week end reports for taxact.com released by SimilarWeb Ltd.