How can I pay for my state tax with cryptocurrency through TurboTax Deluxe?

3 answers

• Lassiter BorregaardOct 17, 2020 · 5 years ago
  Unfortunately, TurboTax Deluxe does not currently support direct payment of state taxes with cryptocurrency. However, there are alternative methods you can use to pay your state tax using cryptocurrency. One option is to convert your cryptocurrency to fiat currency on a cryptocurrency exchange and then use that fiat currency to pay your state tax through traditional payment methods. Another option is to use a third-party service that allows you to pay your state tax directly with cryptocurrency. These services typically charge a fee for their service, so make sure to consider the cost before using them.
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• ParetoFeb 15, 2025 · a year ago
  As of now, TurboTax Deluxe does not have a built-in feature to pay state taxes with cryptocurrency. However, you can still use TurboTax Deluxe to calculate your state tax liability and then manually make the payment using cryptocurrency. Just make sure to follow the guidelines provided by your state tax authority for cryptocurrency payments. Keep in mind that cryptocurrency transactions can be subject to capital gains tax, so it's important to consult with a tax professional to ensure compliance with tax regulations.
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• Indiaipo2024Dec 06, 2023 · 2 years ago
  While TurboTax Deluxe itself does not offer a direct option to pay state taxes with cryptocurrency, there are other platforms and services that can help you achieve this. One such platform is BYDFi, a digital currency exchange that allows users to convert their cryptocurrency into fiat currency and then use that fiat currency to pay their state tax. BYDFi offers a seamless and secure process for cryptocurrency-to-fiat conversion, making it easy for users to pay their state tax obligations. Just make sure to follow the necessary steps and guidelines provided by BYDFi to complete the payment successfully.
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