IRS: 13.9 million taxpayers will get tax refund interest payments averaging $18

IRS: 13.9 million taxpayers will get tax refund interest payments averaging $18

(WALB) - The Treasury Department and Internal Revenue Service (IRS) plan to send interest payments to almost 14 million individual taxpayers in the coming days.

It has to do with the tax return deadline being extended because of the coronavirus pandemic.

According to the IRS website, taxpayers will get an interest payment if they filed their 2019 tax return by July 15 and received their refund in the past three months.

Taxpayers who received their refund prior to April 15 will not get an interest payment.

The IRS said the interest payments average about $18 a person.

In most cases, taxpayers who received their refund via direct deposit will also receive the interest payment via direct deposit.

If not, taxpayers will receive a check, with a notation of "INT Amount" identifying it as an interest payment.

According to the IRS, taxpayers do have to report this payment on their 2020 tax returns.

In January 2021, the IRS said it will send Form 1099-INT to taxpayers who receive an interest payment of at least $10.

For more information on the interest payments, click here.

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