The software firm cited the negative impact of COVID-19 on small business customers and the extension of the tax filing deadline to July 15.
The company's DIY tax prep software was particularly strong in the third quarter, with TurboTax Live users more than tripling year over year.
The tax preparer beat fourth-quarter earnings estimates and raised its dividend but tax return volume fell 4.5%.
New collaboration with tax preparers and state officials will change the "DNA of the entire tax system."
