topic How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS in Get your taxes done using TurboTax

How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

suzettem1998 — Sat, 22 Aug 2020 20:26:27 GMT

Re: How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

VolvoGirl — Sat, 22 Aug 2020 20:32:37 GMT

Did you have a refund on your tax return? See IRS notice posted August 18, 2020

https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable-payments-to-average-18-dollars

Re: How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

suzettem1998 — Sat, 22 Aug 2020 21:15:04 GMT

@VolvoGirl yeah I filed the beginning of February and didn’t receive my return until the end of June but, I have not received a notice that I would receive the interest payments

Re: How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

VolvoGirl — Sat, 22 Aug 2020 21:20:37 GMT

Did you get your refund? Was it for the right amount or more? You won't get a notice. The interest will just show up added to your refund or a separate deposit or a check. My friend's refund deposit was $24 more than her refund. I think you should get interest if they paid you after April 15.

Re: How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

Carl — Sun, 23 Aug 2020 00:14:12 GMT

I think you should get interest if they paid you after April 15.

Doesn't work that way. If it did, then everyone would wait until Apr 15th to file. You don't start earning interest on your refund until 45 days "AFTER" the due date. With the normal tax filing deadline of Apr 15th, that would mean if the IRS did not pay your refund by June 1st, then they would have to pay you interest on the amount paid to you after June 1st.

But for the 2019 tax filing season the due date was changed to Jun 15th. So if you filed on or before Jun 15th, interest does not accumulate until *AFTER* August 1st of 2020.

Now if you actually read the link posted above concerning interest, it seems clear to me that there are those that will receive interest included with their refund, and there are those that will receive their interest as a physically separate payment from any refund due.

The website also makes it clear that the interest the IRS pays you is reportable on your 2020 tax return next year.

Re: How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

VolvoGirl — Sun, 23 Aug 2020 00:20:53 GMT

Yes it says April 15. The 45 days doesn't apply for 2019. Read it again. And the due date was changed to July 15 not June 15. You are wrong on several points.

Re: How will you know if you are eligible for the interest payment that’s the irs is issuing ? Not the stimulus payments the INTREST PAYMENTS

Opus 17 — Sun, 23 Aug 2020 03:59:45 GMT

The bottom line, is that if you filed your tax return on time, then you should receive an interest payment, either included in your refund or as a separate payment.

The amount of interest will be around $3 per $1000 of your refund for each month that your refund was paid later than April 15. Refunds paid before April 15 don’t receive interest.

This is actually not new news, the IRS originally announced this in June, although they have made a more recent announcement that they will be sending separate checks to people whose interest payments were missed the first time around.

What I don’t understand is why the interest calculation date is April 15 instead of 45 days after April 15, which is what it would be in a normal year. But I have not had a chance to look at the tax code section to see why this quirk exists.