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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Tommaso who wrote (35715)8/22/2005 6:42:06 PM
From: redfish  Read Replies (1) of 116555
 
I think it is more complicated than I thought it was:

www4.law.cornell.edu

but I don't think you should have gotten that interest under the statute:

(2) Refunds after claim for credit or refund
If—
(A) the taxpayer files a claim for a credit or refund for any overpayment of tax imposed by this title, and
(B) such overpayment is refunded within 45 days after such claim is filed,
no interest shall be allowed on such overpayment from the date the claim is filed until the day the refund is made.

If they accepted your corrected returns as filed, and issued the refund within 45 days of the filing of the corrected return, then it seems to me no interest is payable.

You are responsible for properly reporting your income ... if you over report it, I don't think the IRS is required to pay you interest.
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