WASHINGTON D.C., DC — WASHINGTON – You might see some unexpected money from the IRS soon.
The Treasury Department and Internal Revenue Service will send interest payments to about 13.9 million taxpayers who filed their 2019 federal income tax returns by the July 15 deadline and are receiving refunds.
Most interest payments, averaging about $18, will be issued separately from tax refunds.
In most cases, taxpayers who received their refund by direct deposit will have their interest payment direct deposited in the same account.
Everyone else will receive a check. A notation on the check − saying “INT Amount” − will identify it as a refund interest payment and indicate the interest amount.
By law, these interest payments are taxable and taxpayers who receive them must report the interest on the 2020 federal income tax return they file next year. In January 2021, the IRS will send a Form 1099-INT to anyone who receives interest totaling at least $10.
The IRS is required to pay interest, calculated from the original April 15 filing deadline, even thought the filing deadline was moved to July because of the COVID-19 pandemic.
For more information, visit IRS.gov.
Tap here to check your refund status.
