Coinbase And TurboTax Partner To Offer Tax Refund Deposits That May Be Converted To Cryptocurrency

Coinbase and TurboTax have collaborated to allow Coinbase users to have their tax refunds directly transferred into Coinbase, where they may be instantly converted to cryptocurrency, reports Gobankingrates.com.

“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 returns into Coinbase for free and convert them into one of more than 100 cryptocurrencies — or keep their money in US dollars, according to Coinbase.

The procedure is simple to follow. In a blog post, Coinbase describes that you can start submitting your taxes from the Coinbase area of the TurboTax website.

After your tax refund has already been calculated, TurboTax will prompt you to enter your account information in order to get your money. Then, according to the blog post, complete a few simple steps to activate your account and choose the cryptocurrency in which you wish to get your tax return. To view your Coinbase account and routing number, select Manual when requested. Return to TurboTax and put your Coinbase account and routing number as the tax refund’s destination, with “MetaBank” as the bank’s name.

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

Coinbase stated that it is dedicated to provide everyone with immediate and simple access to the cryptocurrency market.

“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.