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.
A tax technique for receiving a refund of back taxes by applying a deduction or credit from a current tax year to a prior tax year. For example, a business net operating loss may be carried back for two years.