My husband and I owe this year, less than 10K. What is the current interest on a payment plan to the IRS?

[Rachel_W · Accepted solution]

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis and is currently 6% for individual taxpayers.

For individual taxpayers, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

[mrivieccio]

Does this change if we are still paying after April 15th (i.e. late fees)?

[Rachel_W]

If you file your return by its due date and request an installment agreement, the late penalty fee is 0.25% for any month in which an installment agreement is in effect.