Coinbase, TurboTax Team up for Tax Refund Deposits that Can Be Converted Into Cryptos

Bitcoin.
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Coinbase and TurboTax have teamed up to enable the crypto platform’s users to get their tax refunds directly deposited into Coinbase, where it can be immediately converted into cryptos.

See: Bitcoin and Crypto Taxes in 2022: What You Need To Know
Find: Lawmakers Introduce Bill To Improve Crypto Tax Laws — Here’s How It Would Make Life Easier for Consumers

“Customers will receive their full refund and can choose to save, invest, or spend it. Tax season can be stressful, but now there’s an easy way to put refunds to work,” Coinbase said in a Feb. 3 blog post.

Users can deposit refunds into Coinbase fee-free and choose to convert them into more than 100 cryptos — or hold it in U.S. Dollars, according to Coinbase.  

The process is fairly straightforward. Coinbase explains in its blog post that, first, you can begin filing your taxes from the Coinbase section of the TurboTax website.

Then, after your tax refund has been calculated, TurboTax will ask you to enter account details to receive your refund. After that, follow a few simple steps to activate your account and select the crypto in which you want to receive your tax refund, according to the blog post.  When prompted, tap on the Manual option to view your Coinbase account and routing number. Go back to TurboTax and enter your Coinbase account and routing number as the destination for your tax refund, using “MetaBank” as the name of the bank.

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“Our customers are increasingly thinking about how to incorporate crypto in their savings and everyday spending,” Coinbase said in the post.

Coinbase said it is committed to giving everyone instant and easy access to the crypto economy.

Learn: Ethereum vs. Bitcoin: Which Crypto Is Better?
Explore: 10 Numbers You Need To Know About Crypto

“Last year, we started helping customers get paid in crypto and receive expense reimbursements in crypto. We’ll continue to enable new use cases that allow customers to transition more of their financial lives to the cryptoeconomy,” according to the post.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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