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IRS Pays Interest on Refunds

The IRS has begun to pay out interest on all refunds that they issued after 4/15/2020.  If you have already received your refund, you will receive the interest in a separate transaction from the IRS.  Alternatively, the IRS will include the interest as an additional amount in your refund check or direct deposit.  The interest is calculated from 4/15/2020 through the date of payment.  The interest rate is 5% from 4/15/2020 to 6/30/2020 and 3% from 7/1/2020 to 9/30/2020.

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