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04-02-2022|Crypto

In a partnership with TurboTax, Coinbase will allow users to receive their tax refunds in cryptocurrency.

  • If you file your taxes via TurboTax, Coinbase will provide you the option of receiving your refund in cryptocurrency.
  • The exchange has established a direct deposit feature that allows consumers to convert their US money into cryptocurrency.
  • Users will be able to choose among over 100 cryptos, including stablecoins and yield-bearing assets.

If people file their taxes using TurboTax, a software company, Coinbase Global is offering them the option of receiving their returns in cryptocurrency.

The exchange has introduced a direct deposit scheme that will allow users to convert US dollars into crypto with no trading fees, according to an announcement Thursday. A maximum amount of $25,000 can be deposited per day.

Users will be able to choose among over 100 cryptos, including stablecoins and yield-bearing assets. Users can also choose to have their refunds sent to them in US dollars, which will be directly placed into their accounts for future trading.

In a statement, Bipul Sinha, senior product manager at Coinbase, stated, "This year, users may deposit refunds into Coinbase fee-free to start putting their money to work right away."

Users must submit their taxes through the Coinbase area of the TurboTax website, set up direct deposit accounts, select whether they want their refund in crypto or fiat cash, and enter their Coinbase account and routing information.

On January 24, Coinbase, the largest crypto exchange in the United States, added a tax component to its platform, allowing customers to keep track of their taxable activity in one spot. Users can get free tax records for up to 3,000 transactions via CoinTracker, the exchange's crypto tax partner.

Tax season in the United States began on January 24 and will end on April 18 for most taxpayers, according to the Internal Revenue Service.

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