The Wall Street Journal first reported details of the talks on Sunday.
Intuit's shares were up nearly 2 per cent after market. Intuit's shares closed down nearly 4 per cent on Monday. Broader markets also fell sharply amid heightened coronavirus fears.
Qatalyst Partners acted as financial adviser to Intuit, while Goldman Sachs advised Credit Karma.
Mountain View, California-based Intuit went public in 1993, a decade after it was founded. It is the maker of TurboTax, an online software used by millions to file taxes.
Intuit also reported its second-quarter results, posting a 27 per cent rise in profit compared to a year earlier, as it earned more from its QuickBooks bookkeeping software.