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Get your tax refund into Coinbase while you file with TurboTax | by Coinbase | Feb, 2022


By Bipul Sinha, Senior Product Supervisor, Coinbase

With tax season formally underway, prospects anticipating a refund could be questioning what to do with their further money. Now, Coinbase prospects can get tax refunds robotically deposited into Coinbase as USD, the place it may be instantly transformed into crypto, after they file with TurboTax. Clients will obtain their full refund and may select to avoid wasting, make investments, or spend it. Tax season could be disturbing, however now there’s a simple method to put refunds to work.

Put your refund to work on Coinbase

In accordance with the Nationwide Retail Federation, 62% of US taxpayers who anticipate to obtain a refund this yr plan to place the cash in direction of financial savings, whereas 27% plan to make use of it for on a regular basis spending. Our prospects are more and more excited about incorporate crypto of their financial savings and on a regular basis spending: placing cash in direction of property they assume will enhance in worth, holding yield-bearing property, and spending and incomes with Coinbase. This yr, prospects can deposit refunds into Coinbase fee-free to begin instantly placing their cash to work. They’ll select to get refunds deposited into 100+ cryptocurrencies from stablecoins to yield-bearing property to allow them to commerce or earn curiosity. Or, they will select to obtain refunds in USD to allow them to be prepared for any commerce or to spend with their Coinbase Visa® Card (in the event that they select to spend USD). All incoming tax refunds might be deposited with none fees².

File with TurboTax to deposit your refund into Coinbase

You may deposit your refund into Coinbase while you file with TurboTax. Right here’s how:

  • Start submitting your taxes from the Coinbase part of the TurboTax web site

Coinbase is dedicated to giving everybody immediate and quick access to the cryptoeconomy. Final yr, we began serving to prospects receives a commission in crypto and obtain expense reimbursements in crypto. We’ll proceed to allow new use instances that permit prospects to transition extra of their monetary lives to the cryptoeconomy.

We’re additionally dedicated to creating tax season as simple as attainable. Go to www.coinbase.com/taxes for a personalised information to your crypto taxes⁵.

¹If you select to obtain your refund in crypto, Coinbase will robotically convert the quantity from US {dollars} to crypto with no buying and selling charges. Selecting to obtain your refund in crypto is an non-compulsory Coinbase supply.

²No Coinbase buying and selling charges however a diffusion applies once we purchase, promote, or commerce cryptocurrencies. Different customary charges might apply, and might be shared throughout direct deposit sign-up.

³You can deposit a most of $25,000 per day.

⁴Coinbase account and routing quantity is for deposits solely, withdrawals might be rejected.

⁵Coinbase doesn’t present tax recommendation. Data right here is offered that will help you perceive your taxes, however needs to be reviewed earlier than you employ it to file your taxes. Please work with an expert.

The Coinbase Card is issued by MetaBank®, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Coinbase Card is powered by Marqeta. You could use Coinbase Card to make purchases anyplace Visa Debit playing cards are accepted.

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