Almost 14 million Americans will be getting IRS tax refund interest this week, but don't get too excited. The average payment is $18. And that will be considered taxable income for 2020.
One of my friends just posted that she got $1.26. You read that right.. one dollars and 26 cents.
What is this all about? Because the tax deadline was moved to July 15th (due to COVID-19), the IRS has to pay interest on any refund you should have gotten by April 15th.
So if you see INT Amount on a direct deposit or a check, you'll know it's legit.
Those of us who filed at the normal time and got refunds back by April 15th aren't getting anything. (Doesn't always pay to do things ahead of schedule, does it? But then, we had our refund $$ sooner... so there's that.)
If you get more than $10 in your interest payment, the IRS will send you a 1099 for your 2020 income tax return.
(Photo: Getty Images)