I’ve seen this article and others similar to it, but how are they figuring $18 for an interest payment? That’s what I’m trying to figure out.
If it’s an assumed 3-5% interest rate compounded daily, depending on how much the IRS owes you as a refund, that could be a sizable chunk of money—not a puddly $18.
Thanks @tagteam I appreciate this.
So if I’m interpreting the information correctly, “whichever the later” is the filing deadline of May 17, then the time elapsed from then to which they release my refund should have 3% interest daily compounded and give as a payment, correct?
Not from the date that I had filed in a format that they could process, right?