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Got an IRS check for 55.08 the has interest applied to it. It states 12/2018 TAX REFUND 30 INT $ 1.08. I owed this year. There was no letter explaining. What do i do?
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September 7, 2019
6:30 AM
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Get your taxes done using TurboTax
The letter of explanation comes a couple of weeks later but I will venture a guess ... there was a late correction in the way the underpayment penalty was calculated and the IRS is sending "refunds/rebates" of the excess paid.
September 7, 2019
7:37 AM
Anonymous
Not applicable
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Get your taxes done using TurboTax
by the way the $1.08 is taxable interest income in 2019 for both federal and state. Interest paid on tax refunds is not deemed US Treasury interest exempt from state tax.
September 7, 2019
10:12 AM