Still missing your tax refund? You’ll soon receive 5% interest — but it’s taxable

If you’re still waiting for a refund, it generally will be accruing interest, 

If you’re still waiting for a refund, it generally will be accruing interest, 

and the rate jumps to 5% on July 1, according to the IRS

and the rate jumps to 5% on July 1, according to the IRS

The agency tacks on interest if it takes longer than 45 days 

The agency tacks on interest if it takes longer than 45 days 

after the filing deadline to process your return.

after the filing deadline to process your return.

IRS interest payments ballooned to $3.3 billion in the fiscal year 2021, 

IRS interest payments ballooned to $3.3 billion in the fiscal year 2021, 

with a 33% spike from 2020 for individual returns

with a 33% spike from 2020 for individual returns

thanks for reading

thanks for reading