IRS Releases Interest Rates on 2019 Refunds
JUN. 24, 2020
IRS Releases Interest Rates on 2019 Refunds
DOCUMENT ATTRIBUTES
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-24198
- Tax Analysts Electronic Citation2020 TNTF 123-222020 TPR 26-12
Interest on individual 2019 refunds reflected on returns filed by July 15, 2020 will generally be paid from April 15, 2020 until the date of the refund. Interest payments may be received separately from the refund. By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly. The interest rate for the second quarter, ending on June 30, 2020, is 5% per year, compounded daily. The interest rate for the third quarter, ending September 30, 2020, is 3% per year, compounded daily.
DOCUMENT ATTRIBUTES
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-24198
- Tax Analysts Electronic Citation2020 TNTF 123-222020 TPR 26-12