Coinbase partners with TurboTax to let you receive tax refunds in cryptocurrency
If you use TurboTax to file taxes, you now have the option to deposit your refund directly to a Coinbase account. The money can either be deposited in USD or be sent to your account already converted to any of the 100 types of cryptocurrency available. Coinbase says the choices include stablecoins that are pegged to a real currency and fluctuate much less than typical crypto coins. You won’t be charged with any trading fees if you choose to get your refund in crypto, but you’ll still be able to immediately convert your money into the cryptocurrency of your choice if you opt to get it in USD first.
To be able to take advantage of the companies’ partnership, you’d have to file from the Coinbase section of the TurboTax website. All TurboTax customers can file from the page, even those using the free option for simple tax returns that only need a W-2. It does have a maximum deposit amount of $25,000 per day, but that probably won’t be a problem for most people.
TurboTax will help you set up a Coinbase account if you don’t have one yet, and you’ll have to follow the steps you see afterwards to be able to deposit your refund to the exchange’s “MetaBank.” The exchange said in its blog post:
“Coinbase is committed to giving everyone instant and easy access to the cryptoeconomy… We’ll continue to enable new use cases that allow customers to transition more of their financial lives to the cryptoeconomy.”
Coinbase has launched quite a few ways to make cryptocurrency more available over the past year, including opening up a feature that lets you deposit paychecks to its system and another that lets you link it to your PayPal account.
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