IRS will pay interest on tax refunds for 2019
Americans who filed their 2019 federal tax return on time should expect a tax refund interest payment this week (by August 23). USA Today... Such payments will be made separately from the refunds themselves.
Photo: Shutterstock
The IRS and Treasury are willing to send an average of $ 18 in interest payments to approximately 13,9 million taxpayers, according to the IRS.
Payments will be deposited to taxpayers who filed their tax return by the July 15th of this year deadline and either received a refund within the last three months or are still receiving it.
Most interest payments will be made separately from tax refunds, according to the statement.
More than 12 million taxpayers receiving direct deposit refunds will see their interest payments directly credited to the same account.
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Those who have not received their payments through direct deposit will receive checks. The mark on the INT Amount check identifies it as payment of interest on the refund and will indicate the amount of interest.
These interest payments are tax deductible by law, and taxpayers who receive them must list the interest on the 2020 federal tax return they file next year.
In January, the IRS will send Form 1099-INT to anyone who receives interest totaling at least $ 10.
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