Get Your U.S. Tax Refund in Bitcoin!

Date: 
May 02, 2019
Read time: 
2 minutes

Taxpayers in the U.S. can now receive their federal and state refunds ... in bitcoin. Yes, for all the fans of BTC who don’t want to go through the steps of converting their refunds themselves -- they can automatically receive refunds straight into the king of crypto.

Taxpayers in the U.S. can now receive their federal and state refunds ... in bitcoin. Yes, for all the fans of BTC who don’t want to go through the steps of converting their refunds themselves -- they can automatically receive refunds straight into the king of crypto.

This is made possible by blockchain payments processor Bitpay. They broke the news on April 30th, 2019. It’s all possible thanks to their partnering with U.S.-based taxation services provider Refundo.

Refundo allows customers to use their CoinRT product. It’s a fairly simple procedure. Taxpayers set up an account, get a unique routing and account number, and input their tax return.

Naturally, customers will need to provide background information for know-your-customer (KYC) rules. And, no need to state the obvious, but customers will also need to provide the bitcoin wallet address they want the payment to flow into. Once the Internal Revenue Service (IRS) gets all the paperwork processed and sends your refund, BitPay will process the payment and send bitcoin to your wallet!

If that’s something you’d like to experiment with but aren’t sure about setting up basic things, like your bitcoin wallet, I recommend our How to Invest in Bitcoin Guide.

How much does this service cost?

Refundo’s website lists the CoinRT service cost at $34.95, regardless of the refund amount. BitPay, on the other hand, charges 1 percent for its payout service through Refundo. The combination of these two fee’s shouldn’t add up to much, and it’s great for saving time. Plus it ll may end up being comparable to the mining fees and conversion fees of transforming fiat refund money into BTC.

But this service isn’t just for people who are big fans of BTC. Refundo CEO Roger Chinchilla commented:

Adding bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get bitcoin quickly and easily for one flat fee.

We can clearly see that companies working on the blockchain are focusing on serving not only fans of BTC but also the large sector of unbanked and those with non-traditional banking. Financial freedom is on its way!

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

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