Shibarmy News

FIYAH! Get Your Tax Refund In Crypto With Coinbase and Turbo Tax

Published

2 years ago

February 4, 2022

(Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. Every investment and all trading involves risk, so you should always do your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.)

Talk about going mainstream! Now you can get your tax refund in crypto. Coinbase users now can get their tax refund deposited into their account as USD which can be instantly converted into whichever Crypto you choose. In order to use this feature, you have to use Turbo Tax to file your taxes with the IRS. This just made tax season something exciting!

The announcement came as a shock, a welcome shock, to most tax filers. This is not only going to make it easy to get your refund but it sheds light on new investors into crypto who may have shied away from it before. Experts expect the crypto market to increase by 7 times within 5 years. This will raise the value of the market as a whole.

Below are the instructions from COINBASE.com on how to get your refund sent into your account.

“

Begin filing your taxes from the Coinbase section of the TurboTax website
Login using your TurboTax credentials and complete your tax return (plus, Coinbase customers get up to $20 off)
After your tax refund has been calculated, TurboTax will ask you to enter account details to receive your refund. Find and tap on the Coinbase option and we’ll help you set up your direct deposit account³
You will follow a few simple steps to activate your account and select the crypto (or USD) in which you want to receive your tax refund
When prompted, tap on the Manual option to view your Coinbase account and routing number⁴
Go back to TurboTax and enter your Coinbase account and routing number as the destination for your tax refund. You’ll use MetaBank as the name of the bank
You can manage your direct deposit settings and view your account and routing number at any time from coinbase.com/direct-deposit”

I don’t know about you but this is exciting news for us. This could be one of the sparks that help crypto climb out of its month-long slump. The more mainstream crypto becomes the more it benefits all of us. Whether you are invested in Bitcoin, Ethereum, Shiba Inu or others this is a welcoming development.