Coinbase and TurboTax Team Up for Bitcoin Tax Refunds

This year, crypto fans can now get their tax refunds in Bitcoin or other cryptocurrencies, all thanks to a new deal between Coinbase and TurboTax. If you file your taxes using TurboTax, you can have your refund sent straight to your Coinbase account. So, starting Thursday, they kicked off a direct deposit program to allow both state and federal tax refunds to land in Coinbase accounts. Plus, you can even auto-convert your dollars into crypto, as reported by the DealBook newsletter. Looks like Coinbase is getting cozy with a bunch of government finance services, and this could be a sign of more mainstream adoption in the future, which is definitely good news compared to Binance.

Coinbase is essentially allowing their customers to open something very similar to a bank account as their coinbase account. As with "real" bank accounts, account holders can receive things such as paychecks (or their tax refund) via direct deposit. That is exactly what coinbase is doing. They are allowing people to have their tax refund sent to their coinbase account via direct deposit. Coinase is partnering with TurboTax to advertise this option.

The only downside to it that I see is that you have no control over what the fiat refund to BTC exchange rate is. You might get lucky with BTC dipping to a low price when the refund system tells Coinbase to buy (good to great) or it may happen at a peak which is not so good... Anywhere in between - meh. Personally, I'll take the refund as fiat and buy when I like the price.