13.9M taxpayers will get interest on their refunds

The IRS is required to add interest to tax refunds on timely filed refund claims issued more than 45 days after the return due date. 

The Internal Revenue Service plans to send interest payments averaging $18 to approximately 13.9 million individual taxpayers who filed their 2019 federal income tax returns on time and are receiving tax refunds. The interest payments will go out to individual taxpayers who filed a 2019 return by this year’s July 15 deadline and who have received a tax refund in the past three months or will be receiving a refund. 

Taxpayers who received their tax refund by direct deposit will have their interest payment directly deposited in the same bank account. Everybody else will get a paper check. The IRS will send a 2020 Form 1099-INT to anyone who receives interest totaling at least $10.

For more information please visit: https://www.accountingtoday.com/news/irs-plans-to-send-13-9m-taxpayers-extra-interest-on-their-tax-refunds-amid-coronavirus