The IRS has announced that they will be issuing interest payments to taxpayers who filed their federal tax return for 2019 on or before July 15, 2020, received a refund, and the refund was not issued before the original April 15 deadline. Although the amount may not be very much, it’s pleasant to have money flowing back to you, right?
The interest will be sent using the same method your refund was sent. These interest payments are taxable and must be reported on your 2020 federal tax return. The IRS will mail you a Form 1099-INT reporting the interest to anyone who receives at least $10 in interest.