IRS to send interest payments averaging $18 to nearly 14M Americans
Individuals are eligible if they filed their 2019 tax returns by the extended July 15 deadline
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.
TRUMP'S PAYROLL TAX DEFERRAL MAY LEAD TO SIGNIFICANT TAX BILLS FOR WORKERS, BUSINESS GROUPS WARN
"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.
A W-4 form is viewed in New York. As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. (AP Photo/Patrick Sison, File)
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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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.
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.