Kentucky Interest Verification
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How to fill out Interest Verification?
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FAQ
The quiz consists of multiple choice questions with answers that help us verify your identity. The quiz can be taken online or by telephone with an authorized representative to help with the process. At the completion of the quiz you will be advised whether you passed or failed.
In general, we charge interest on underpayments starting on the due date of the amount you owe and will continue to accrue until the balance is paid in full: Tax is due on the return filing date; extensions to file do not extend the date for payment of the tax.
The maximum legal interest rate in Kentucky is 8% unless there's an agreement otherwise.
Therefore, the taxes payable to the Commonwealth that have not been paid at the time prescribed by statute will accrue interest at the rate of 8% pursuant to KRS 131.183(2)(a)2.
Miller has established the Tax Interest Rate effective January 1, 2023, to be 6%, which is an increase to the rate for 2022. Therefore, the taxes payable to the Commonwealth that have not been paid at the time prescribed by statute will accrue interest at the rate of 8% pursuant to KRS 131.183(2)(a)2.
Generally, interest accrues on any unpaid tax from the due date of the return until the date of payment in full. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent. Interest compounds daily. Visit Newsroom Search for the current quarterly interest rate on underpayments.
The Identity Confirmation Quiz is one of the tools the Department has implemented. You may also mail all requested information that is applicable to your return. Refer to your Quiz letter. Note: The quiz verifies your identity and confirms the return we received was filed by you or on your behalf.
The Kentucky interest rate on tax underpayments was 5% in 2022 but has now increased to 8% for 2023. These increased interest rates can be a significant cost to taxpayers who have historically delayed making payments throughout the year.
