Coinbase users can now turn their tax refunds into crypto

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The TurboTax site on a Tiffany Hagler-Geard/Bloomberg smartphone

Coinbase has introduced a new feature allowing users to convert their tax refund to crypto through TurboTax, the Intuit-owned tax filing software.

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.”

Last month, New York City Mayor Eric Adams converted his first paycheck to bitcoin and etherium.

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.

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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