Irs Interest Rates 2024 Afr. The rates for interest determined under section 6621 of the code for the calendar quarter beginning april 1, 2024, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments. The applicable federal rate (afr) is the minimum interest rate that the internal revenue service (irs) allows for private loans.
These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also. What is the applicable federal rate (afr)?
