IRS to refund tax interest checks to taxpayers who filed 2019 returns on time
Americans who filed their 2019 government income tax on time ought to anticipate a refund this week.
The Internal Revenue Service and the Treasury Department will send interest payments with an average of $18 to about 13.9 million taxpayers, as per an announcement by the IRS.
The interest payments will be deposited to taxpayers who filed their tax return by the current year’s July 15 deadline and either got a refund in the previous three months or will get a refund.
Most interest payments will be given independently from tax refunds, as per the announcement.
In excess of 12 million taxpayers who got their refund by direct deposit will see their interest payment direct deposited in the same account.
The individuals who didn’t get their payments through direct deposit will get a check. A notation on the check − saying “INT Amount” − will recognize it as a refund interest payment and demonstrate the interest amount.
These interest payments are taxable by law, and taxpayers who get them must report the interest on the 2020 government income tax return they file one year from now.
In January, the IRS will send Form 1099-INT to any individual who gets interest adding up to at least $10.