About 13.9 million taxpayers who filed on or before July 15 and are owed a will receive an interest payment, the IRS said Tuesday. and for most people will arrive by direct deposit. Nearly 2 million payments will be sent as checks, with the notation "INT Amount."
The interest is calculated based on a taxpayer's refund issue date. Those with a refund issue date between April 15 and June 30 earned an annual interest rate of 5%, while taxpayers issued refunds between July 1 and September 30 earn an annual interest rate of 3%. All interest is compounded daily, and accrues between April 15 and the day the refund is issued.
Keep in mind the interest is taxable and must be reported on 2020 tax returns. In January 2021, the IRS will send statements to taxpayers who received an interest payment of at least $10. Typically the IRS has a 45-day grace period to issue refunds to taxpayers who file their return by April 15 before interest starts accruing on the amount they're owed. In normal times, the agency says it issues 90% of tax refunds within 21 days of the filing date, but it's often quicker for those who file electronically.
If you're still waiting on your refund, you can check your status on the IRS website with the following:
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Hmm
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the 20,000-member trading community started by college students - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Business Insider webinar with McKinsey, Bain, and PwC - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
US dollar hits 2-year low amid virus struggle, funds' short interest - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. The US Fed needed to engineer a yield curve collapse. That's why the dollar is falling. Now that ust yields have fallen, the other central banks can collapse their yield curves further. Stop with the political red herrings.
Source: BusinessInsider - 🏆 729. / 51 Read more »
JetBlue delaying transatlantic flights to London; what we know - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Cuomo says gyms in New York could reopen next week - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Check it out! Do You Want To create professional 3d logo intro animation? Please Contact Me: Cinematic Logo ANimation Gaming Logo Intro Intro Video Video Intro logo intro video videointro animatedlogo Meanwhile in Wuhan yeah, should be VERY healthy to be breathing through masks as you tax your body for more oxygen
Source: BusinessInsider - 🏆 729. / 51 Read more »
How a couple launched a successful reusable face mask company in weeks - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »