Coinbase users can now receive tax refunds in crypto through TurboTax
Right in time for tax season
Cryptocurrency exchange Coinbase is now giving its users the option to deposit paychecks, expense reimbursements, and receive tax refunds.
On Thursday, Coinbase announced in a blog post that it launched a new feature as US tax season begins. Every year millions of people receive a tax refund from the US government, which usually is received as a cash payment sent directly to their account. Now, Coinbase is offering an alternative.
With TurboTax’s tax software, Coinbase users can now get both federal and state tax refunds automatically deposited into their account as USD, where it can then be 100% converted into crypto.
“This year, customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work,” the cryptocurrency exchange wrote in the announcement. “Coinbase is committed to giving everyone instant and easy access to the cryptoeconomy.”
As the tax refund can be deposited into a Coinbase account as USD, users will have full control over when they want to invest in a cryptocurrency.
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