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Rev. Rul. 2020-28: Interest rates, tax overpayments and underpayments (first quarter 2021)

Interest rates, tax overpayments and underpayments

The IRS today released an advance version of Rev. Rul. 2020-28 that provides the rates of interest with regard to tax overpayments and tax underpayments for the calendar quarter beginning January 1, 2021.


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There are no changes from the rates of interest that apply for the fourth quarter 2020.

Rev. Rul. 2020-28 [PDF 429 KB] lists the interest rates for the calendar quarter beginning January 1, 2021, as follows:

  • 3% for overpayments (2% for corporations)
  • 0.5% for the portion of a corporate overpayment exceeding $10,000
  • 3% for underpayments
  • 5% for large corporate underpayments

Read a related IRS release—IR-2020-270

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