Intuit said the number of TurboTax Live customers increased 70 percent for the year ended July 31. Almost 70 percent of the new customers there came had used a professional preparer in 2019, the company said this month.That was among the trends as the tax and accounting software company reported financial results for fiscal 2020.
TurboTax Live is the program via which TurboTax customers can ask professionals questions via an in-package, one-way video link. CEO Sasan Goodarzi said those who provided advice achieved higher satisfaction scores and there was lower attrition rate.
The number of TurboTax units sold grew by 11 percent. Excluding those who filed returns solely to receive stimulus payments, total returns grew by 3 percent to 4 percent, Intuit estimated. The estimated DIY share of the total grew up by 2 percent, according to CFO Michelle Chatterbuck. She said Intuit’s share of total returns grew by 1.5 percent while Intuit’s share of the DIY category was flat.
Revenue for the consumer group reached $3.14 billion for the most recently ended year, an increase of 25 percent from $2.51 billion from fiscal 2019. Professional tax revenue, reported under the Strategic Partner Group segment, reached $493 million for fiscal 2020, a 4-percent rise from $456 million the prior year.
Intuit’s net income rose 17.2 percent to $1.83 billion for fiscal 2020, up from $1.56 billion. Revenue last year was $7.78 billion, an increase of 13.2 percent from $1.56 billion.
