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TurboTax now lets you deposit your tax return directly into your Coinbase account

TurboTax and Coinbase are teaming up to take on tax returns.

coinbase logo and blurred background
Image: KnowTechie

Cryptocurrency is becoming more and more popular, and Coinbase is one of the platforms at the center. The popular crypto trading platform has just established a new partnership with TurboTax. Now, people can easily turn their tax returns into cryptocurrency with TurboTax and Coinbase.

Coinbase and TurboTax have teamed up to create a brand new direct deposit program. Now, users that file their tax returns with TurboTax can deposit their refunds into a Coinbase account.

You can even automatically convert your return straight into cryptocurrency once it has been deposited by TurboTax. This is yet another step by Coinbase to try and bring its platform to a more mainstream audience.

READ MORE: Coinbase says it could keep your crypto if they go bankrupt

turbotax and coinbase tax returns for crypto
Screenshot: TurboTax

READ MORE: TurboTax lied about free tax filing and could owe you money

Coinbase recently added another feature that lets users direct deposit their paychecks into their accounts and instantly convert them to crypto. Combined with the PayPal integration last year, you can see how Coinbase is trying to become more friendly to mainstream consumers.

This latest integration with TurboTax will make investing tax returns into cryptocurrency much easier for Coinbase users. For many people, tax returns can be a good chunk of money. And if invested wisely, they could help out a lot in the long run.

READ MORE: Coinbase’s NFT marketplace is now open for business

If you plan on doing your taxes with TurboTax this year, it might be worth considering depositing your return directly into your Coinbase account. Keep in mind that cryptocurrency prices are very volatile, and there can be a lot of risks involved in supporting crypto projects.

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