What Interest Rate does the IRS pay you if you Overpay your Taxes?

17531167 – irs card on desck with tax files

Read news release IR-2024-47, Feb. 21, 2024 – https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-second-quarter-of-2024

WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024.

For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates:

  • 8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
  • 5.5% for the portion of a corporate overpayment exceeding $10,000.
  • 8% for underpayments (taxes owed but not fully paid).
  • 10% for large corporate underpayments.

Read the full article here: https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-second-quarter-of-2024

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