The interest rates on overpayments and underpayments for the second quarter of 2020 are unchanged from the first quarter rates (Rev Rul. 2020-7). The rates are:
The 5% rate is used to figure estimated tax penalties for individuals for the first 15 days of April.
A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.