You'll need to sign in or create an account to connect with an expert.
No, the IRS does not pay interest on estimated taxes you paid, even if these payments exceed your tax liability and result in a refund to you. It is your responsibility to estimate these amounts and pay them at the due dates.
However, you may incur a penalty for underpayment of estimated taxes if the estimated taxes paid were insufficient.
I received interest from the IRS because I asked them to hold $4,000 of my refund from 2019 and apply it to my 2020 taxes. I received $22 interest from IRS and entered the interest received on my federal return, but I can't find out how to change my credit for estimated taxes to $4022.
Anyone know where I can enter the $22?
You don't add the $22 to your estimated taxes. The IRS should have sent you a 1099-INT as well as a check or a direct deposit. Once you have entered this in the appropriate place for interest (it sounds like you already have). You are done with the $22.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tax_payer03
New Member
dimi1927
Level 3
riogrande
New Member
badorsey9842
New Member
kristelw55
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.