Coinbase users can now convert their tax refunds into cryptocurrencies
Tiffany Hagler-Geard/Bloomberg The TurboTax website on a smartphone
introduced a new feature allowing users to convert their tax refund into crypto via TurboTax, the tax filing software owned by
In a blog post on Thursday, Coinbase (ticker: COIN) said that users who file their tax returns using TurboTax can send part or all of their tax refund to a Coinbase account.
Customers can then choose to turn their refund into over 100 cryptocurrencies, like Bitcoin or Ethereum, with no trading fees.
“This year, customers can deposit refunds into Coinbase at no cost to immediately start making their money work,” the exchange said in a blog post. “Coinbase is committed to giving everyone instant and easy access to the crypto economy.”
Bitcoin and other cryptocurrencies have fallen this year amid a sell-off in risky assets, such as high-growth tech stocks. Pricing pressure was compounded by fears of a regulatory crackdown in Russia.
Last month, New York Mayor Eric Adams converted his first paycheck to bitcoin and etherium.
Bitcoin is down almost 18% so far this year, according to data from CoinDesk.
Write to Lina Saigol at [email protected]
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