IRS to send interest payments averaging $18 to nearly 14 million Americans
The Internal Revenue Service announced Tuesday it will be sending checks averaging $18 each to nearly 14 million Americans.
The IRS will send the interest payments to individuals who filed their taxes by this year's July 15 deadline, which was extended from April 15 due to the coronavirus pandemic, but did not say when taxpayers should expect to receive them.
WHAT TRUMP'S PAYROLL TAX HOLIDAY WOULD MEAN FOR YOU
"Where a disaster-related postponement exists, the IRS is required, by law, to pay interest, calculated from the original April 15 filing deadline, as long as an individual files a 2019 federal income tax return by the postponed deadline − July 15, 2020, in this instance," the IRS said in a press release.
WHO MIGHT BE ELIGIBLE TO RECEIVE ANOTHER CORONAVIRUS RELIEF PAYMENT?
Of the total 13.9 million people who will receive payments, 12 million will be direct deposits and all others will be sent via mail.
Payments worth more than $10 are taxable by law; anyone who receives a deposit or check worth more than $10 will receive a 1099 form from the IRS to include the payment on their 2020 tax returns.
TRUMP SAYS SECOND STIMULUS CHECKS COULD BE 'WAY HIGHER' THAN $1,200
Americans who wished to receive a stimulus check earlier this year had to file their tax returns in order to receive a direct deposit or check.
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