The Internal Revenue Service (IRS) has announced interest rates for tax underpayments and overpayments for the fourth quarter of 2026, maintaining them at 7 percent for individual taxpayers.
When a taxpayer does not pay their taxes, penalties, and other charges on time, the IRS charges underpayment interest. Conversely, if a taxpayer were to pay more taxes than what is actually owed, the agency pays interest on the overpayment. Interest rates on such payments are determined on a quarterly basis. The 7 percent interest rate for overpayments and underpayments comes into effect on Oct. 1, the IRS said in an Aug. 21 statement.
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