Intuit Further Simplifies Tax Prep for Millions of TurboTax Customers this Tax Season with Google Cloud AI

Rhea-AI Summary

Intuit (NASDAQ: INTU) has announced a new collaboration with Google Cloud to enhance tax preparation for TurboTax customers. The partnership integrates Google Cloud's Doc AI and Gemini models to expand done-for-you autofill capabilities for the ten most common U.S. tax forms, including complex 1099 and 1040 forms.

In tax year 2023, TurboTax processed 44 million U.S. tax returns and $107 billion in tax refunds using Intuit's Generative AI Operating System (GenOS). The system combines Intuit's data, custom-trained financial large language models, and tax knowledge engine with best-in-class LLMs.

The enhanced automation particularly benefits investors in stocks, bonds, and crypto by automating data extraction from complicated 1099 forms, eliminating the need for manual data entry across multiple screens and fields. The integration aims to improve accuracy and efficiency in tax preparation through advanced AI-driven document understanding.

Positive

• Integration of Google Cloud AI technology enhances automation and efficiency in tax preparation
• Processed significant volume of 44 million tax returns and $107 billion in refunds in 2023
• Expanded support for complex tax forms through AI automation reduces manual work
• Strategic partnership with Google Cloud strengthens technological capabilities

Negative

• None.

News Market Reaction

+9.63%

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+9.63% News Effect

On the day this news was published, INTU gained 9.63%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

With Google Cloud's Doc AI and Gemini models, TurboTax expands done-for-you tax return autofill for ten common tax forms to save time and boost accuracy

LAS VEGAS, April 9, 2025 /PRNewswire/ -- Cloud Next '25, LAS VEGAS -- Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today announced a new collaboration with Google Cloud that further simplifies tax preparation for millions of TurboTax customers this tax season. With Google Cloud's generative AI capabilities, Intuit is expanding done-for-you autofill of tax returns for the ten most common U.S. tax forms (1099, 1040) – which can vary significantly in complexity – saving time and boosting accuracy.

In tax year 2023, TurboTax successfully processed 44 million U.S. tax returns and $107 billion in U.S. tax refunds on Intuit's platform using the company's Generative AI Operating System (GenOS). GenOS combines the power of Intuit's rich data, custom trained financial large language models (LLMs), and proprietary tax knowledge engine with an extensible catalog of best-in-class LLMs to deliver highly personalized done-for-you experiences.

Already, Intuit's near-decade of deep expertise in AI-driven document understanding with TurboTax enables broad support for tax document import, upload, and photo capture, and auto-fill of a majority of tax returns, minimizing manual data entry. This tax year, by integrating Google Cloud Document AI technology and Gemini models in GenOS, Intuit has expanded support for complicated 1099 forms (1099-B, 1099-COMP, 1099-OID), and tax form1040 (plus Schedules 1, 2, 3, A, C, E), which can also vary in complexity.

For example, investors in stocks, bonds, and crypto are benefiting from automated data extraction and autofill into tax returns from complicated 1099 forms. They no longer have to spend time navigating multiple screens per document and filling in ten fields (depending on the number of transactions per brokerage), or manually transcribing data from multiple brokerage forms (which can vary significantly by format, verbiage, etc.) when preparing their taxes.

"This tax season, we're delivering on Intuit's promise to millions of TurboTax customers to do the hard work for them—so they don't have to," said Intuit Chief Technology Officer Alex Balazs. "Our collaboration with Google Cloud is making a big difference in the day-to-day lives of consumers this tax season. It's a shining example of how we're harnessing the power of Intuit's AI, data and tax domain expertise—with world-class Google Doc AI and Gemini technology—on our GenOS to deliver breakthrough done-for-you experiences at scale. I'm fired up about our results to date, and excited about what the future holds."

"Google Cloud's partnership with Intuit showcases the power of AI to solve real-world problems by simplifying the tax preparation process for millions of TurboTax users this tax season," said Thomas Kurian, CEO of Google Cloud. "With Document AI and Gemini models, TurboTax can extract, categorize, and accurately populate data from the most complex tax forms, making filing more efficient, less error-prone, and ultimately, more accessible for everyone."

TurboTax provides online tax preparation services for people to do their own taxes or access experts to prepare and file taxes for them, with TurboTax Live Full Service, TurboTax Live Assisted, helping people get their best tax outcome. For those who choose to file their tax year 2024 taxes on their own, TurboTax, built on Intuit's AI-driven expert platform, offers a personalized, fast, and confidence-inspiring tax preparation and filing experience with built-in guidance, and faster access to their refunds. Seamless experiences across TurboTax and Credit Karma, and TurboTax and QuickBooks, enable customers to file personal or business taxes within their preferred Intuit product.

About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Google Cloud
Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

 

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SOURCE Google Cloud

FAQ

How many tax returns did Intuit (INTU) process in tax year 2023?

TurboTax processed 44 million U.S. tax returns and $107 billion in tax refunds in tax year 2023.

What tax forms are covered by Intuit's (INTU) new Google Cloud AI integration?

The integration covers the ten most common U.S. tax forms, including 1099 forms (1099-B, 1099-COMP, 1099-OID) and 1040 forms (plus Schedules 1, 2, 3, A, C, E).

How does the new Google Cloud AI integration benefit TurboTax (INTU) investors?

Investors benefit from automated data extraction and autofill for complex 1099 forms, eliminating manual data entry across multiple screens and forms from different brokerages.

What AI technology is Intuit (INTU) using for tax preparation in 2025?

Intuit uses its Generative AI Operating System (GenOS), which combines proprietary data, financial LLMs, and tax knowledge with Google Cloud's Document AI and Gemini models.