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January 8, 2020 1:14 am
IRS Interest Rates for Q1 2020
The interest rates on overpayments and underpayments are unchanged from the fourth quarter of 2019 (Rev Rul. 2019-28). The rates are:
- Noncorporate overpayments and underpayments: 5%
- Corporate overpayments: 4% generally, but 2.5% for corporate overpayments exceeding $10,000
- Corporate underpayments: 5% generally but 7% for large corporate underpayments
The 5% rate is used to figure estimated tax penalties for individuals for the first quarter of 2020 and also the first 15 days of April.
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
