Coinbase Giving Its User The option To Receive Crypto Tax Refunds

Coinbase Global offers its users the option to receive cryptocurrency tax refunds if they check in using TurboTax, a software company.

The exchange has launched a direct deposit program that will allow users to convert US dollars into cryptocurrencies without trading fees, according to an announcement Thursday. You can deposit a maximum amount of $25,000 per day.

Users will have over 100 cryptocurrencies to choose from, including stablecoins & yield bearing asset. Alternatively, users can choose to receive their refunds in US dollars, which will be deposited directly into their accounts for future transactions.

“This year, customers can deposit refunds in-to Coinbase for free to start working with their funds to-work,” Bipul Sinha, senior product manager at Coinbase, said in a statement.

To do this, users will need to submit their fees from the Coinbase section of the TurboTax website, set up their direct deposit accounts, choose to receive refund in cryptocurrency or fiat currency, and enter their Coinbase account & Routing numbers.

Coinbase, the largest cryptocurrency exchange in the United States, launched a tax section on its platform on January 24 to help users track their taxable activities in one place. The exchange said users can receive free tax reports for up to 3,000 transactions from its crypto tax partner CoinTracker.

According to the Internal Revenue Service, U.S. tax season began on January 24th and ends on April 18th for most taxpayers.