https://ttlc.intuit.com/community/after-you-file/discussion/re-refund/01/1647233#M425189 <P>The IRS does pay interest on refunds that are paid late. The interest rate changes each quarter. It is 5% for the first two quarters of 2020, and 3% for the third quarter. The rate for the fourth quarter has not been determined yet.</P> <P><BR />The interest that the IRS pays on late refunds is taxable income, just like interest from a bank account. They will send a Form 1099-INT at the end of the year, and you have to report the interest as income on your 2020 tax return.</P> <P>&nbsp;</P> Fri, 26 Jun 2020 16:04:21 GMT rjs 2020-06-26T16:04:21Z https://ttlc.intuit.com/community/after-you-file/discussion/refund/01/1646997#M425109 <P>Has anyone heard about the IRS supposedly paying 5% interest on all late refunds?</P><P>&nbsp;</P><P>My husband read it on Google news. 🤷</P> Fri, 26 Jun 2020 07:03:32 GMT https://ttlc.intuit.com/community/after-you-file/discussion/refund/01/1646997#M425109 ftris 2020-06-26T07:03:32Z https://ttlc.intuit.com/community/after-you-file/discussion/re-refund/01/1647233#M425189 <P>The IRS does pay interest on refunds that are paid late. The interest rate changes each quarter. It is 5% for the first two quarters of 2020, and 3% for the third quarter. The rate for the fourth quarter has not been determined yet.</P> <P><BR />The interest that the IRS pays on late refunds is taxable income, just like interest from a bank account. They will send a Form 1099-INT at the end of the year, and you have to report the interest as income on your 2020 tax return.</P> <P>&nbsp;</P> Fri, 26 Jun 2020 16:04:21 GMT https://ttlc.intuit.com/community/after-you-file/discussion/re-refund/01/1647233#M425189 rjs 2020-06-26T16:04:21Z