This week, millions of people across the country should see a deposit in their bank account from the IRS. It’s not another stimulus payment though, it’s an interest payment that many are owed.
It won’t be much money that almost 14 million people will see this week. It’s the interest that the IRS owes some people on their tax refunds and it averages about 18 bucks.
This is all because the tax deadline was extended from April 15th to July 15th. The interest rate changed during that time.
The taxpayers whose tax refunds were delayed will likely get a few bucks. For those who filed by the July 15th deadline and are still waiting for their refund or got it over the last three months, the deposit or check will read “INT Amount.”
This isn’t free money. By law, these interest payments are taxable.
For anyone who receives more than 10 dollars, the IRS will send you paperwork in January to add to your next take return.
IRS employess say that they are still in the process of sending out refunds, so for those taxpayers who haven’t received them yet, don’t worry.
Categorised in: US News