Will the IRS pay interest on overpayments of quarterly estimated payments?

[killerbee1978]

I usually owe them interest and penalty at the end of the year. I'm thinking about getting some payback since it shows to be paying 7% interest, lol. I could be reading this wrong. See below.

http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6611&num=0&edition=prelim 

[Mike9241 · Accepted solution]

from the later of the due date or acceptance date the IRS has 45 days to issue a refund without owing any interest.

from your link

(1) Refunds within 45 days after return is filed
If any overpayment of tax imposed by this title is refunded within 45 days after the last day prescribed for filing the return of such tax (determined without regard to any extension of time for filing the return) or, in the case of a return filed after such last date, is refunded within 45 days after the date the return is filed, no interest shall be allowed under subsection (a) on such overpayment.

[killerbee1978]

Well, that's what I always thought it was. Thanks for the clarification!

[AmyC]

The IRS is a pay as you go system. If when you reconcile your taxes next year, you are due a refund, the IRS pays the refund. The IRS has no idea if you have an overpayment until you do your tax return.

The code states: In the case of a credit, from the date of the overpayment to the due date of the amount against which the credit is taken.

If the refund is delayed, the IRS will pay interest.