Richard Rubin

speaker

1,496 appearances 29 recordings 1 series first heard Oct 2017 last heard Jan 2024

Richard Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Is Your Tax Refund Late? IRS Will Pay You Interest. · 26 Jun 2020 podcast

People who haven't filed, people who file in July and get a refund... matched

will essentially get three or more months of interest from the IRS on that amount. matched

Yes, it's actually the law. matched

The normal way it works is they've got 45 days after April 15th to get the refund to you. matched

And then after that, they owe interest to you for being late. matched

That's the normal way it works. matched

It's just this year where that system is working in a bit of a funky way. matched

No, it's actually the way that the law works because of how they delayed the tax filing deadline. matched

So the law they used to delay the tax filing deadline is one that was written for disasters. matched

Normally thought to think like natural disasters, hurricanes, tornadoes, that kind of thing to give people extra time to file. matched

And that law very specifically spells out, and I hadn't noticed this until I started reporting on it this week and the IRS made a little mention of it, is that this is the way it works. matched

That the 45-day period, that grace period for the IRS to get you a refund doesn't exist during a disaster. matched

And the interest starts accruing right at April 15th. matched

No matter when you file. matched

So people who filed in February and got a refund in May will get interest for that month between April and May. matched

People who haven't filed, people who file in July and get a refund will essentially get three or more months of interest from the IRS on that amount. matched

By the way, what's the interest rate the IRS pays out? matched

So it's actually a pretty good interest rate, which, you know, conversely, is a pretty bad interest rate if you're on the flip side of this and you owe them money. matched

But for the second quarter, the quarter ending in June, it's 5% annual interest rate compounded daily. matched

And for the third quarter, starting July 1st, it's 3%. matched

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