I'm still waiting for my tax return

Crossville TN

Description

Interest rate poised to climb to 6% as millions of Americans await tax refunds. Millions of Americans are still awaiting their tax refunds from the IRS, but there is a silver lining: The money may be accruing interest – and rates are poised to jump in October. The Internal Revenue Service generally pays interest on refunds that are delayed by more than 45 days after the filing deadline, according to its website. Interest rates are adjusted every quarter depending on the federal short-term rate. The current interest rate is 5%, but it is slated to increase to 6% on Oct. 1, the IRS announced this week. Still, there is a downside, which is that the interest paid by the IRS is "taxable". (Read that last line again). Ponzi scheme! IRS interest payments surged 33% in the fiscal year 2021, with the tax-collecting agency paying out nearly $3.3 billion for individual returns, the U.S. Government Accountability Office reported. As of late May, the IRS still had roughly 21.3 million paper returns that it still needed to process, according to a June report from National Taxpayer Advocate Erin Collins. That is a 7% increase from the same time last year, when there were 20 million unprocessed paper returns. * We are BROKE as a nation. These new 87,000 IRS agents with guns are going to help with the PONZI SCHEME.