With the help of TurboTax and Coinbase, you can have your tax return check turned into the crypto coin or token of your choice
With tax season now in full swing, clients anticipating a return may be wondering what to do with their excess funds. When consumers file their taxes using TurboTax, they may now have their returns automatically transferred into Coinbase as USD, where they can be instantly converted to cryptocurrency. Customers will get a full refund and have the option of saving, investing, or spending it. While tax season might be stressful, there is now a simple method to put refunds to work.
To begin, download TurboTax and submit your taxes using the Coinbase section. TurboTax offers a free tax preparation service for uncomplicated tax returns that include W-2 income, earned income tax credits (EIC), and child tax credits. TurboTax also provides a premium version of its program that assists with more complex tax filing requirements, such as investment and/or company income. If you do not already have a Coinbase account, you will be taken through the process of depositing your tax return with Coinbase’s bank, Metabank.
According to the National Retail Federation, 62% of US taxpayers expecting a refund this year want to save the money, while 27% intend to utilize it for regular expenses. Our consumers are increasingly considering ways to integrate cryptocurrency into their savings and daily spending: by investing in assets they believe will appreciate in value, holding yield-generating assets, and spending and earning with Coinbase. Customers may now deposit refunds into Coinbase without incurring any fees, allowing them to instantly begin investing their money. They may elect to have their refunds put into one of more than 100 cryptocurrencies, ranging from stablecoins to yield-bearing assets, to trade or earn interest.
“With tax season customers expecting a refund might be wondering what to do with their extra cash,” says Coinbase’s Bipul Sinha. “Now, Coinbase customers can get tax refunds automatically deposited into Coinbase as USD, where it can be immediately converted into crypto, when they file with TurboTax. Customers will receive their full refund and can choose to save, invest, or spend it.”
“The education piece is really critical,” said Sally Shin, who leads strategy at the music distributor United Masters, which is working through the initial phases of a partnership with Coinbase to design a crypto payment program for employees and artists.
“We’ve seen a rise in alternative investments, in a new class of investors beyond just high-income earners,” said Randy Hellman of TurboTax’s investor segment.
Coinbase sees itself as an “on-ramp” to the crypto economy. It wants to make things easy for people by offering direct deposits of all kinds, said the company’s head of product, Prakash Hariramani.
