On Thursday, February 24, 2022 at 12:16:20 PM UTC-5, [email protected] wrote:

For those folks whose amended returns show thousands of dollars (or any dollars) owed them by the government, and who are approaching a year or more of delay, what is the interest rate the IRS is paying right now?

I googled and could not pull this up, at least not easily.

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The interest rate has been 3% for quite some time. It will be increasing to 4% in Q2 2022.

Ira Smilovitz, EA
Leonia, NJ

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For those folks whose amended returns show thousands of dollars (or any dollars) owed them by the government, and who are approaching a year or more of delay, what is the interest rate the IRS is paying right now?

I googled and could not pull this up, at least not easily.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

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Ira, thank you. A senior citizen friend of mine amended her return in May.
She's been quite worried about when she would see the several
thousand dollar refund. Per your report, I let her know about the high (relative to what one gets at a bank right now) interest rate. Hopefully
it cheers her some.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)

Ira, thank you. A senior citizen friend of mine amended her return in May.
She's been quite worried about when she would see the several
thousand dollar refund. Per your report, I let her know about the high >(relative to what one gets at a bank right now) interest rate. Hopefully
it cheers her some.

The increase from 3% to 4% is effective April 1. Note that
this does NOT mean that if your friend gets her refund in
April she will get 4% interest on it. The interest is
calculated quarter by quarter, using the rate that was in
effect for each quarter. So if she gets her refund in April
she will get 3% for most of the time period, and 4% for only
a short time at the end.

Bob Sandler

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)