Millions of Americans for one reason or another could still be waiting on their tax refunds to show up despite filing months ago.
Fortunately for taxpayers, those waiting may be owed interest.
The IRS is legally required to pay interest on any refunds that are not processed within 45 days of being received.
Stimulus: $500 tax refund supported for Missouri residents
In 2021 $3.3 billion dollars was paid in interest to taxpayers by the IRS.
April 29 there were 9.6 million unprocessed returns.
The stimulus checks and child tax credit laws have created a delay in many returns being processed.
How does the IRS figure out what to pay in interest?
The money taxpayers receive in interest is decided by the federal short-term rate in addition to an extra 3%.
Every quarter the rate is determined.
What should I do if I haven’t gotten my tax refund?
On April 1 that rate was 4%.
A person waiting on a refund worth $3,019, the average, could see around $120.76 extra in interest.
You may track your tax refund using the Where’s My Refund tool.
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