(FinancialHealth.net) – The new IRS deadline is right around the corner. Everyone with a taxable income must file no later than end-of-day July 15. For millions of Americans, that means they’ll receive a refund check — but there’s more good news.
Late last month, the IRS announced that taxpayers may get two checks: one for the refund itself, and another for interest accumulated on it.
The federal agency is required by law to pay interest on refunds if they are considered more than 45 days overdue. Since the government extended the deadline, they must issue checks for interest accrued between April 15 and the actual date of issue.
So, what does that mean for Americans? Anyone who filed paperwork after the original deadline will receive two checks.
If you are owed a refund and you still have not not filed, there is still time. You can even file for free right on the IRS website.
If you’re owed a refund, file an #IRS tax return as quickly as possible. The easiest and fastest way to file from home for free is using #IRSFreeFile: https://t.co/3byJqk9fiF pic.twitter.com/ygpL34eb36
— IRSnews (@IRSnews) July 12, 2020
The IRS wasn’t clear about whether or not they will use direct deposit for the interest payments if you received your refund that way. Just in case, be sure to keep your eye on the mail so you can avoid throwing it away by accident. This happened frequently when stimulus payments were first released.
~Here’s to Your Financial Health!
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