Coinbase Partners With TurboTax To Auto-Convert Tax Returns To Crypto

Crypto exchange Coinbase has partnered up with a popular tax filing program TurboTax to automatically convert and deposit income tax refunds into cryptocurrency.

According to Coinbase blog post, TurboTax users are now able to have their tax refunds automatically sent to their Coinbase accounts.

“With tax season officially underway, customers expecting a refund might be wondering what to do with their extra cash.

Now, Coinbase customers can get tax refunds automatically deposited into Coinbase as USD or crypto when they file with TurboTax.

They can choose to get refunds deposited into 100+ cryptocurrencies from stablecoins to yield-bearing assets so they can trade or earn interest.”

Coinbase can automatically handle cryptocurrency conversion and the users won’t be charged any trading fees.

In order to enable the service, TurboTax users are required to complete a brief process to link up their Coinbase account, once they are done filing their tax returns.

“TurboTax will ask you to enter account details to receive your refund. Find and tap on the Coinbase option and… follow a few simple steps to activate your account and select the crypto (or USD) in which you want to receive your tax refund.

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. You’ll use MetaBank as the name of the bank.”

Coinbase has a dedicated page for direct deposits, which explains everything in detail.