Treasury and the IRS announced Tuesday, Aug. 18, that 13.9 million taxpayers will soon receive interest payments for filing their 2019 federal income tax returns on time and are receiving refunds.
The IRS will send the interest payments, which average about $18, this week. In most cases, taxpayers who received their refund by direct deposit will have their interest payment direct deposited in the same account.
By law, these interest payments are taxable and taxpayers who receive them must report the interest on their 2020 federal income tax returns. In January 2021, the IRS will send a Form 1099-INT to anyone who received interest totaling at least $10.