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Interest on refund of overpayment from 2020 New York tax return

I need to amend my 2020 New York tax return, and the amended return shows an additional refund due from New York over and above what I already received when I filed in early 2021. Is it reasonable to expect that New York will also refund me the accumulated interest over the past two years on that overpayment? (After all, states do charge a hefty interest on underpayment for amended returns). If so, how do I get TurboTax to calculate and add that interest to the refund when I file the amended return?

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3 Replies

Interest on refund of overpayment from 2020 New York tax return

Whether or not a State or the IRS will pay interest on a delayed tax refund is wholly up to the State or the IRS.  The calculation of interest on a delayed tax refund is not a function included in the TurboTax program.

Interest on refund of overpayment from 2020 New York tax return

The IRS or state  probably will automatically add any interest to your refund when they send it.  Check the deposit or check when you get it.  And if you do get any interest don't forget it will be taxable next year on your 2023 return.  

Interest on refund of overpayment from 2020 New York tax return

Interest is paid when the processing of the return has been delayed by the fed/state past the statutory time they have to process it ...  they will not pay interest because you took 2 years to file the return ... don't expect any interest to be added to the refund. 

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