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Old 10-01-2018, 04:03 PM
 
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What is the IRS interest rate if the IRS owes the taxpayer a refund from years ago? Is there an interest chart?
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Old 10-01-2018, 04:09 PM
 
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Originally Posted by kayann246 View Post
what is the irs interest rate if the irs owes the taxpayer a refund from years ago? Is there an interest chart?
0%
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Old 10-01-2018, 04:40 PM
 
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Originally Posted by Lowexpectations View Post
0%

I called the IRS. The rep said they are calculating the interest before it is sent out. The rep wasn't sure the interest rate but there is interest.
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Old 10-01-2018, 04:48 PM
 
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Originally Posted by KayAnn246 View Post
I called the IRS. The rep said they are calculating the interest before it is sent out. The rep wasn't sure the interest rate but there is interest.
I think last year it was 4% for late refunds, and of course you have to pay tax on it. It really depends on how far your refund is back from because the irs rate is locked to the fed funding rate so it will be a moving number.
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Old 10-01-2018, 05:47 PM
 
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rates

https://www.natptax.com/TaxKnowledge...st%20Rates.pdf

here's a calculator that is helpful

https://www.irscalculators.com/overp...est-calculator
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Old 10-01-2018, 05:58 PM
 
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Originally Posted by SuiteLiving View Post
Thanks! Actually what I needed since it goes back more than 10 years.
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Old 10-01-2018, 06:41 PM
 
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Originally Posted by KayAnn246 View Post
Thanks! Actually what I needed since it goes back more than 10 years.
Is this from an audit? Anything that old is typically barred by the statute of limitations.
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Old 10-01-2018, 06:44 PM
 
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Originally Posted by SuiteLiving View Post
Is this from an audit? Anything that old is typically barred by the statute of limitations.
No, it's from taxes I paid while on active duty that should have been exempt. It was the IRS's fault so they are giving it back.
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Old 10-01-2018, 06:48 PM
 
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Originally Posted by KayAnn246 View Post
No, it's from taxes I paid while on active duty that should have been exempt. It was the IRS's fault so they are giving it back.
Never heard of that, good for you!
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Old 10-02-2018, 09:32 AM
 
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Originally Posted by KayAnn246 View Post
No, it's from taxes I paid while on active duty that should have been exempt. It was the IRS's fault so they are giving it back.

How is it the IRS' fault that you paid taxes on exempt income?
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