FMP
Apr 2, 2025 1:13 PM - Parth Sanghvi
Image credit: Towfiqu barbhuiya
Intuit's (NASDAQ: INTU) TurboTax remains the dominant player in the U.S. tax software market, holding a 60% market share, according to Citi's 2025 consumer tax survey released Wednesday.
Market Share: TurboTax maintained a 60% share, a slight 1-point decline from the previous year.
Online Filing Growth: 57% of taxpayers now file online, reinforcing demand for digital tax solutions.
Tax Complexity Rising: More filers reported increased return complexity, boosting the need for higher-tier tax services.
Late-Season Surge Expected: Filing volume was down YoY through late March, but Citi expects a wave of last-minute filings before the April deadline.
Despite the minor market share decline, TurboTax's user retention remains strong, with only 34% of its customers considering alternative options—a much lower churn rate than competitors.
TurboTax's Live and Full-Service offerings are gaining traction:
66% of respondents are aware of TurboTax Live.
77% recognize TurboTax Full-Service.
23% expect to use TurboTax Live, while 27% will opt for Full-Service.
While willingness to pay for premium services has moderated, Citi believes TurboTax Live remains competitively priced for strong adoption.
Intuit's continued dominance in the tax software space, coupled with growing demand for higher-tier services, reinforces its long-term growth potential. Investors can track Intuit's financial performance through the Income Statement API to assess its revenue impact from tax season.
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