Got an IRS check for 55.08 the has interest applie...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

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?

 
2 Replies
Level 15

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?

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. 

Anonymous
Not applicable

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?

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. 

Dynamic Ads
v
Privacy Settings