Intuit has launched a mobile app for Android and iPhone of their popular tax filing software TurboTax, calling it as "SnapTax," that allows taxpayers who file a 1040EZ to prepare and file their federal and state income taxes on their smartphones. Customers can download the app for free, but will have to pay $14.99 to file their tax returns.
The app uses optical character recognition technology to fill out users' tax returns. Once users take a picture of their W-2s with their smartphones, the app will automatically transfer information to the relevant lines on Form 1040EZ. After customers answer a few questions, they'll have an opportunity to check the return for accuracy before they file.
Like traditional tax preparation software, the app will display the amount of the refund. The process should take 15 to 30 minutes, says Bob Meighan, vice president of TurboTax.
The app costs $14.99, but the IRS lets you eFile for free if your income is less than $58,000 -- and most people with incomes higher than that willn't file the 1040EZ. The tool does seem to give you a free filing with your state, which may be where the $14.99 comes in, but it still seems easier to do by hand.
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