The IRS sets an interest rate each quarter that is applicable to underpayments by individuals. The rate for the third and fourth quarters of 2020 is 3%. You can see all interest rates listed by the National Association of Tax Professionals at https://bit.ly/3bVcCmw.
Test for determining deductibility of IRA deductions. Active participants in employer retirement plans are subject to IRA deduction phase-out rules if adjusted gross income exceeds certain threshold.