Changes to the rate don't affect the interest rate charged for prior quarters or years. We use the federal short-term rate based on daily compounding interest to calculate the interest we charge and pay. This means the interest is assessed on the previous day’s balance plus the interest. The interest rates we charge and pay on overpayments and underpayments are compounded daily. Interest will accrue on any unpaid tax, penalties and interest until the balance is paid in full. 1st Quarter Rates – Internal Revenue Bulletin: 2016-51.2nd Quarter Rates – Internal Revenue Bulletin: 2017-12.3rd Quarter Rates – Internal Revenue Bulletin: 2017-26.4th Quarter Rates – Internal Revenue Bulletin: 2017-39.IRC 6603 Deposit (Federal Short-Term Rate) GATT (part of a corporate overpayment exceeding $10,000) Non-Corporate Overpayment (for example, Individual) 1st Quarter Rates - Internal Revenue Bulletin: 2023-49.Internal Revenue Code (IRC) 6603 Deposit (Federal Short-Term Rate) GATT (part of a corporate overpayment exceeding $10,000) Underpayment (Corporate and Non-Corporate) Non-Corporate overpayment (for example, individual) Table 2: Tax Overpayments Interest FormulasĬurrent year 2024 quarterly interest rates 2024 interest rates by category Interest Categories.Table 1: Tax Underpayments Interest Formulas.Current year 2024 quarterly interest rates.To get the latest information on interest rates sent to your email, subscribe to the IRS Newswire with e-News Subscriptions. IRS sets and publishes current and prior years interest rates quarterly for individuals and businesses to calculate interest on underpayment and overpayment balances.
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