The IRS interest rates on overpayments and underpayments for the fourth quarter of 2022 are one percentage point higher than in the third quarter (Rev. Rul. 2022-15). This is the third interest rate increase this year. The rates beginning October 1, 2022, are:
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.