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IRS Interest Rates - 1Q2009 = 5.00% Posted by Herb Hirsch [Email] (#114) [Profile/Gallery] (more from Herb Hirsch) on Wed, 18 Feb 2009 07:42:21 In Reply to: Re: Waiting can't hurt......, AeroLady, Mon, 16 Feb 2009 10:48:21 Members do not see ads below this line. - Help Keep This Site Online - Signup |
The IRS's interest rate for underpayment of taxes is 5.00% annualized effective the first quarter of 2009. This same rate applies to overpayments.
In either case this is a low rate. A very cheap loan if you have underpayed your taxes, and a good rate if you have overpayed your taxes.
Note that both you and the IRS have until April 15, 2012, three years after the deadline filing date for 2008 tax returns. You and the IRS could have more time if you filed an extension. After the three years are up, neither you or the IRS have any recourse.
Generally, the IRS will quickly notify you regarding a failure to declare income reflected on a 1099. This notification will include the taxes and interest you owe, with a deadline for paying.
Herb Hirsch
South Brunswick, NJ
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