Submitted by these-things-happen t3_z836wa in personalfinance
The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. The new rates are:
• Seven (7) percent for individual overpayments (refunds)
• Seven (7) percent for individual underpayments (balance due)
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For Taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
Source, at IRS.gov:
https://www.irs.gov/newsroom/interest-rates-increase-for-the-first-quarter-of-2023