No, interest does not begin to accumulate until 45 days after you submit your return.

If you want to gamble that the IRS will be delayed in processing your tax return in particular, I guess. You only get interest if the IRS is unable to refund you within 45 days of tax day or receiving your tax return, whichever is later.

Doesn’t seem worth the effort really, but you do you.

Yes you can. Yes it's legal. It's also very bad financial planning.

You are giving them money now at 0%. Then you file your taxes. They don't have to pay interest until a period of time for process passes (45 days?) then you start to accrue if they already haven't paid you.

So what's the actual rate once you factor all that in?

Just take this as a starting premise. When it comes to keeping track of money, the IRS is not stupid and you can assume they won't give away free money. Act accordingly.

So, you start overpaying in January, then files taxes in April the next year, then you have to wait 45 days before the interest payment start.

the IRS has your money for 17-18 months before you get a penny.

• a simple fact, overlooked.....I guess falls into "uncommonsense" realm

If it even takes that long I Had direct deposits within a week.

The interest is prorated by days late after 45 days. So you reach 7% at about 14 months, assuming they dont lower the rate next October.