Your tax refund has yet to arrive. IRS may soon give you a larger interest payment.
Millions of Americans are still awaiting their tax refunds from the IRS
The money may be accruing interest – and rates are poised to jump in October.
Refunds that are delayed by more than 45 days after the filing deadline are typically subject to interest payments from the Internal Revenue Service.
nterest rates are adjusted every quarter depending on the federal short-term rate
The current interest rate is 5%, but it is slated to increase to 6% on Oct. 1, the IRS announced this week.
Still, there is a downside, which is that the interest paid by the IRS is taxable.
IRS interest payments surged 33% in the fiscal year 2021, with the tax-collecting agency paying out nearly $3.3 billion for individual returns,
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