Tax Refund Interest Payments

The IRS is sending tax refund interest payments. The IRS announced the payments will be made to about 13.9 million individual taxpayers. The interest payments, averaging about $18, will be made to individuals who filed 2019 returns by this year’s July 15 deadline and either received a refund in the past three months or will receive a refund. They’re being made due to this year’s extended COVID-19-related July 15 due date. In most cases, taxpayers who received their refunds by direct deposit will have their interest payments direct-deposited in the same accounts. Everyone else will receive a check. The interest payments are taxable and must be reported on 2020 tax returns. Contact Cg with questions. © 2020