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October 11, 2021 1:50 am
IRS Interest Rates Unchanged for Q4 2021
Despite indications of increased inflation, the interest rates on overpayments and underpayments are unchanged from the second quarter of 2021 (Rev Rul. 2021-17). The rates for the fourth quarter of 2021 beginning on October 1 are:
- Noncorporate overpayments and underpayments: 3%
- Corporate overpayments: 2% generally, but 0.5% for corporate overpayments exceeding $10,000
- Corporate underpayments: 3% generally, but 5% for large corporate underpayments
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Advanced- Where do I report income from my corporation on Form 1040?
- I receive disability from my employer, which is reported to me on Form W-2. Can I use this as a basis to make a Roth IRA contribution?
- Is my mortgage payoff considered a selling expense for my residential rental property? (The property was used 100% for rental.)
- Are conservatorship fees deductible?
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
