There are several ways that Coinbase customers can save money by using TurboTax this tax season including a potential 10-20% discount on TurboTax Premium through your Coinbase account.
Here is today’s featured discount on TurboTax (including Live!) plus how to save money filing your taxes with Coinbase and TurboTax.
Does Coinbase Offer a TurboTax Discount?
Coinbase does offer a TurboTax discount for its customers. For this tax year, Coinbase customers can receive a 10-20% discount on TurboTax Premium federal products that support cryptocurrency reporting.
This partnership between Coinbase and TurboTax also simplifies the process for Coinbase users to report their cryptocurrency transactions during tax season, ensuring they can take advantage of available tax benefits and comply with tax regulations.
Tip: If you sold crypto last year, you’ll need to pony up for the TurboTax Premium Edition which supports cryptocurrency trading, staking rewards, and mining
How Coinbase Customers Can Get a Discount on TurboTax:
Coinbase often has pretty sweet deals for its users, including discounts on TurboTax to help with those crypto taxes. Keep an eye on your Coinbase account or emails from them during tax season, as they usually share discount codes or special offers there.
Also, checking out the Coinbase blog or help center can lead you to current promotions. Don’t forget to apply any code you find when you’re using TurboTax to snag that discount.
Tip: Always watch out for fake emails or links pretending to be from Coinbase or banks like Fidelity and Chase. Phishing scams are common during tax season, so only access your account directly through your app or coinbase.com.
How to Save Money With Coinbase & TurboTax:
Here are a few ideas on how Coinbase customers can save money by using TurboTax, leveraging this partnership and other features offered by both platforms:
- Direct Deposit of Tax Refund into Coinbase Account: Coinbase customers have the unique option to receive their tax refunds directly into their Coinbase account. This feature not only simplifies the process of receiving refunds but also potentially saves on transaction fees that might be incurred when transferring money between bank accounts and Coinbase. Moreover, receiving the refund in a Coinbase account allows customers to immediately use these funds for cryptocurrency investments without the need for additional transfers.
- Discount on TurboTax Products: As mentioned, Coinbase customers are eligible for a discount on TurboTax products, including Premium (formerly called, “Self-Employed”), that are equipped to handle cryptocurrency transactions. This discount can lead to direct savings on the cost of filing taxes, making it more affordable for cryptocurrency traders and investors to comply with tax laws and report their transactions accurately.
- Simplified Reporting of Cryptocurrency Transactions: TurboTax allows Coinbase customers to upload up to 250 transactions at once via compatible .csv files to TurboTax Premier. This integration not only saves time but also helps ensure accuracy in reporting, potentially reducing the risk of errors that could lead to audits or penalties. The accurate and streamlined reporting process could also help identify tax-saving opportunities, such as capital loss deductions.
- Access to TurboTax Premier Features: Coinbase users who take advantage of the TurboTax discount get access to TurboTax Premium features, which are designed to handle complex tax situations, including investments and cryptocurrency. This access allows users to explore various tax deductions and credits they may be eligible for, maximizing their refund or minimizing their tax liability.
- Utilizing Free and Discounted Tax Reporting Tools: Besides the TurboTax discount, Coinbase users can also benefit from partnerships with other tax reporting tools like CoinTracker, which offers free tax reporting on up to 100 transactions for new users and a 10% discount on paid plans. These tools can help users consolidate their crypto transactions across multiple platforms, ensuring comprehensive tax reporting and maximizing potential deductions or credits.
Related: Fidelity clients and students may qualify for a special discount!
Conclusion:
Leveraging these money-saving opportunities can significantly ease the tax filing process for Coinbase customers, potentially saving money both directly through discounts and indirectly by optimizing tax outcomes.
The partnership between Coinbase and TurboTax also reflects a growing acknowledgment of cryptocurrency in mainstream financial services, providing users with tools and discounts that acknowledge and accommodate the unique financial landscapes they navigate.
I hope you have a lot of capital gains to report this tax season, and that Coinbase and TurboTax help you get every tax deduction possible.
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