Interest rates will increase for the fourth quarter of 2022, beginning Oct. 1, the IRS recently announced.
For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the third quarter of 2022.
The rates will be:
- 6% for overpayments (5% for corporations)
- 3.5% for the portion of a corporate overpayment exceeding $10,000
- 6% for underpayments
- 8% for large corporate underpayments