Key points Coinbase has partnered with TurboTax to allow tax filers to get their refunds in cryptocurrency. You'll have a choice of more than 100 coins. No trading fees will be charged if you get your refund deposited into your account and buy crypto with it.
I've been using https://cointracking.info/ for tax forms and portfolio tracking for a few years. Great product will import your data from most exchanges, wallets, blockchains etc.
So you're going to get regular money from the IRS deposited into your account? And then buy crypto with it? That sounds very different from the first bullet point, which says that If taxpayers are going to "get their refunds in cryptocurrency," why would those taxpayers then have to "buy crypto with it"? Someone is going to say that I'm splitting hairs or playing word games. But words have meaning. No one is going to "get their refunds in cryptocurrency." The IRS only issues tax refunds in US dollars. Period. Full Stop. End of Story. TurboTax can write whatever they want. This fact is not going to change, at least not for tax returns that are filed during 2022. If someone has "alternative facts," please post a link to a website operated by the IRS or the US Treasury Department with evidence that one can receive a tax refund in any form other than US dollars. Also: the title of the original post is "Coinbase Users Can Get Their Tax Returns in Crypto Through TurboTax." FYI: A tax return is a form that you file with the Internal Revenue Service. Most individuals file Form 1040. Businesses such as corporations and partnerships file different forms. These forms are called tax returns. And that is what they are called even if you owe money to the IRS. Even if you aren't getting a refund, you still need to file a tax return. You don't get a tax return from the IRS. You send your tax return to the IRS, and if you overpaid, then you get a refund. Attached is a PDF of Form 1040. Note that the title of the form is "U.S. Individual Income Tax Return." Note also that line 37--which is the penultimate line of the form (on page 2)--is the place where you enter the "amount you owe." A tax return and tax refund are two different things. A tax return is a form that you send to the IRS. A tax refund is money that is sent to you by the IRS--in US dollars. That money might be sent by direct deposit to your Coinbase account. But it will be sent in US dollars. You will not "get your refund" in cryptocurrency. BMK
Because being able to trade fiat for crypto would almost be the same as getting paid in crypto. Plus you can choose whatever crypto you want. It's really not rocket science bud.