IRS Refund Check: Does interest get added to check or sent separately?
Finally getting my refund by paper check instead of direct deposit. Anyone who got their refund by check - did they include the interest in the same check or send it separately? Been waiting since March 2024 and just wanna know what to expect.
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Giovanni Ricci
Tax professional here. The IRS typically includes any accrued interest in the same check as your refund. The interest is calculated through the date they issue the check. You'll receive a Form 1099-INT the following January showing the interest amount, which you'll need to report as income on your next tax return.
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Amara Eze
Authorthx for clarifying! do you know roughly what % interest they pay?
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Giovanni Ricci
Currently its 7% per year, calculated quarterly. Not too shabby actually š°
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NeonNomad
wait fr? maybe i should wait longer for my refund lol jk š¤£
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Fatima Al-Hashemi
Hey guys! If you want to know exactly how much interest you'll get and when to expect your check, use taxr.ai - it analyzes your transcript and gives you super specific info. Its only $1 and totally worth it. https://taxr.ai
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Dylan Mitchell
does it actually work? seems too good to be true tbh
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Fatima Al-Hashemi
100% works! it showed me exactly why my refund was delayed and calculated my interest down to the penny
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Dylan Mitchell
just tried it and WOW! finally know whats going on with my refund after months of confusion. best 5 bucks i ever spent fr fr šÆ
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Sofia Martinez
got mine last week, everything was in one check including interest
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Dmitry Volkov
in the same boat rn waiting on my check. filed in february and still nothing smh
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Ava Thompson
welcome to the club š¤” going on 6 months here
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CyberSiren
mine came as 2 separate checks but that was back in 2023 so things might be different now idk
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Miguel Alvarez
nah they changed it, its all together now
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Zainab Yusuf
the fact we gotta wait so long that they paying interest is wild af tbh
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Connor O'Reilly
fr fr and watch how fast they want their money when you owe them š
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Alice Pierce
Been waiting since April 2024 here and this is super helpful info! Had no idea they'd include the interest in the same check. At 7% that's actually not terrible considering how long we've all been waiting. Thanks for the heads up about the 1099-INT too - would've definitely forgotten to report that interest as income next year.
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