Coinbase and TurboTax have brought a new feature for users who want to get their tax refund in the form of cryptocurrencies. The collaboration of the two firms came out just as the tax season in the US kicked off.
TurboTax Offers Fresh Option to Get Tax Refunds
According to a report by The Wall Street Journal, a software package produced by Intuit will now allow users to relocate their refund to Coinbase given that they have an account on the latter.
Usually, the US government gives the tax refund for the individuals in the form of cash. This payment can be acquired directly through their bank account.
For a change of scene, Coinbase is reportedly bringing a unique way of receiving a tax refund. With that being said, the refund can be converted into crypto and users can choose from more than 100 digital currencies.
"This year, customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work. Coinbase is committed to giving everyone instant and easy access to the cryptoeconomy," the remote-first crypto exchange platform announced.
Furthermore, the users are also given the option to deposit the tax refund in US dollars. This would give more breathing room for investors who want to put their money in crypto investments.
With regards to the crypto crash, this move is advisable since the bear market continues to hit several cryptocurrencies including Bitcoin and Ethereum.
Amid the persistent drop in the value of the coins, the people should be prepared for the upcoming fluctuations that will happen. In addition, it's important to remember that the crypto profits are taxable per IRS rules, according to a report by PCMag on Friday, Feb. 4.
Related Article: Coinbase Launches Online Library Providing Open-Source Information on Cryptography | Introducing Kryptology
How to Get Started in Depositing Your Refund into Coinbase
According to the Coinbase blog, here are the steps that you need to follow to begin getting your tax refund with TurboTax.
From the official website of TurboTax, go to the Coinbase section where you can file your taxes.
Login to your TurboTax account. Finish the tax return. You can get a $20 discount if you are a Coinbase user.
Click the Coinbase option to get started with depositing the refund. This would appear after the calculations have been made. The software will require you to input your details to make that happen.
Follow the steps for your account activation. Then, click the kind of cryptocurrency for the tax refund option.
Check your Coinbase account and routing number by clicking the Manual option.
Return to the TurboTax software and log in to your Coinbase account and the routing number where your tax refund will go. The bank name will appear and select Metabank.
Evaluate your direct deposit settings by visiting this link.
Speaking of Coinbase, the platform announced that it would be launching an NFT marketplace for users who want to sell and mint their digital items. The expected release date for this project would be early to mid-2022.
Previously, Tech Times reported that Coinbase saw over one million signups on the first day of its NFT waitlist.
Read Also: New Crypto Malware Targets Coinbase, MetaMask: Mars Stealer Can Steal Wallet Private Keys
This article is owned by Tech Times
Written by Joseph Henry
