Looking to reinvest your refund into crypto? We got you covered! Crypto investing has only gained momentum over the last several years, and now, TurboTax will allow you to deposit your tax refund directly into a Coinbase account.
If you are a Coinbase customer, you can choose to deposit your refund into your account. It will be deposited into your Coinbase account in U.S. Dollars, so you will have full access to your tax refund. From there, you can choose if, when, and how you want to invest those funds: Coinbase can immediately convert your refund into 1 of 100+ cryptocurrencies, or you can choose to hold it in US Dollars.
How it works
When you file your tax return, TurboTax gives you options for how you want to receive your tax refund…check or direct deposit. Just how you would enter bank account information, Coinbase customers can simply enter their own Coinbase account number and routing information to have their refund directly deposited into that account.
Step 1: You have to start your taxes from this landing page to be given the Coinbase option
Step 2: When we ask how you want to receive your refund, select direct deposit
Step 3: Select that you want to direct deposit your refund into your Coinbase account (you will need to confirm this selection by checking a box and hitting continue)
Step 4: Enter your Coinbase account details. If you haven’t already set up a direct deposit account, you’ll follow a few simple steps to active your account.
Heads up, if you already have direct deposit set up with Coinbase then Coinbase will convert your refund into your preferred asset. If you’d like to update your preference, you can do that in your Coinbase account. We’ll remind you about this again when you file.
If you have other questions on your crypto investments – we’ve got you covered! Interested in how your crypto trades could impact your taxes? Check out our crypto tax calculator. And check out this post for an all encompassing crypto tax guide.
Now get filing! Your refund is waiting!
