Robinhood Turbotax Discount 2023 (2024)

FAQs

How to get Robinhood TurboTax discount? ›

How do I get my TurboTax discount? *Robinhood customers must redeem this offer at http://turbotax.intuit.com/affiliate/robinh2 to receive a discount of up to $20 for TurboTax federal products.

For this tax year, you can import your Consolidated Form 1099 into common online tax providers, such as TurboTax and H&R Block.

However, if your financial situation involves more complexities, such as dealing with investments, stocks, or rental property, you might find yourself asking, “Do I need TurboTax Premier?” The answer is yes if your financial portfolio includes these elements.

Go to the website provided by your bank, credit union, or insurance company, and select the TurboTax link or icon. This will take you to the TurboTax-branded affiliate site with the discounted pricing. Select your TurboTax edition, sign in, and start on your tax return.

After you link your bank account and buy your first investment, you'll receive your Robinhood free stock. You'll get a notification when your reward is ready or you can click the Rewards tab at the top of your Robinhood screen to claim your reward.

Do you have to report stocks on taxes? If you sell any stock using Robinhood, you must report this and pay taxes on the gains. Sometimes Robinhood gives away free stocks for referring a friend or creating an account. If the value of the stock exceeds $600, you'll need to report this to the IRS.

TurboTax Premium is capable of handling over 10,000 stock transactions and 20,000 crypto transactions, so you're covered no matter how much you trade.

Withdrawals with Instant bank transfer: Instant bank withdrawals have up to a 1.75% fee deducted from the requested amount at the time of each withdrawal.

If your tax data requires entry on any other form or schedule then you must upgrade to the Deluxe edition or higher. If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition.

TurboTax Premier is most suitable for those with stocks or crypto, or capital gains and losses from other income who will need to file a Schedule D. TurboTax Deluxe will suit most other taxpayers otherwise.

What's the difference between TurboTax and TurboTax Premier? ›

TurboTax Premier shares all of the features of TurboTax Deluxe, meaning that it lets you itemize your taxes and take below-the-line credits. However, it also includes the forms necessary to claim income, losses, credits and deductions related to investments.

Whether you received a Robinhood tax form or a tax form from another investment institution, if you use TurboTax to prepare your tax return, you can import your investment information from hundreds of participating financial institutions.

For this tax year, you'll get a Consolidated 1099 PDF from Robinhood Markets, Inc. It'll include forms for Robinhood Securities, Robinhood Crypto, and Robinhood Money, as applicable. 1099 tax forms for Robinhood Markets Inc. will also be displayed using an aggregated format based on key tax lot criteria.

TurboTax Free edition will not handle stock transactions. If you want to post the $10 stock transaction, you will have to upgrade.

Any time you have a capital gain from the sale of a stock or cryptocurrency, Robinhood will compile that information for you and provide you with an end of year tax document, called a Form 1099.