Customers of U.S.-based cryptocurrency exchange Coinbase can get their tax refunds automatically deposited into their Coinbase account as U.S. dollar if they file taxes online with Intuit's tax preparation software TurboTax. Coinbase said it will deposit all incoming tax refunds without any fees.
The refunds in U.S. dollars can then be immediately convert the amount into cryptos or spend it with their Coinbase Visa Card. Customers will receive their full refund and can choose to save, invest, or spend it.
As for converting the amount, customers can choose to get their refunds deposited into more than 100 cryptocurrencies such as Bitcoin or Ethereum, stablecoins or yield-bearing assets so they can trade or earn interest.
According to the National Retail Federation, 62 percent of US taxpayers who expect to receive a refund this year plan to put the money towards savings, while 27 percent plan to use it for everyday spending.
This move comes at a time when customers are increasingly thinking about how to incorporate crypto in their savings and everyday spending.
The use the option, Coinbase customers will have to file their taxes from the Coinbase section of the TurboTax website by logging in with their TurboTax credentials and complete their tax return. Following the calculation of the tax refund, the customer will be prompted to enter their account details to receive the refund.
Coinbase teamed up with TurboTax in January 2019 to enable its customers to easily report their cryptocurrency transactions by allowing import of transactions from Coinbase to TurboTax.
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