{
  "dataset": "Federal mid-term applicable federal rate and 120% of it, by month",
  "jurisdiction": "us-federal",
  "coverage": {
    "from": "2021-01",
    "to": "2026-10",
    "months": 70
  },
  "sources": [
    "IRS Revenue Rulings under IRC §1274(d), one per month (irs.gov/pub/irs-drop/rr-YY-NN.pdf), Table 1 'Applicable Federal Rates', Mid-term rows: AFR and 120% AFR for annual, semiannual, quarterly and monthly compounding",
    "IRS 'Applicable Federal Rates' index page (irs.gov/applicable-federal-rates), used only to locate the ruling for each month; the month each ruling applies to is taken from the ruling's own text, because the index page has mislabeled a ruling's month and lists §6621 interest-rate rulings alongside the AFR rulings",
    "IRS Notice 2022-6 §3.02(c): the SEPP interest rate may not exceed the greater of 5% and 120% of the federal mid-term rate for either of the two months immediately preceding the month in which the distribution begins"
  ],
  "notes": [
    "2026-09-10: months January 2021 through September 2026 read from the revenue rulings. The ruling for a month is normally published in the third week of the preceding month; add each new month as it appears.",
    "Rates are percentages with two decimals as printed. For a SEPP the ceiling is computed from the annual-compounding figure of each of the two months before the first payment; the other compounding periods are kept for reference.",
    "2026-09-10 verification: the second read confirmed all 69 months. The IRS builds the 120% row from the semiannual rate and converts it to the other compounding periods, so the annual 120% figure can differ from 1.2 × the annual AFR by 0.02 points (2022-08, 2022-11, 2022-12, 2023-05, 2023-11, 2024-06, 2024-09, 2025-06); the published row is what the ceiling uses. Notice 2022-6 does not say which compounding period's 120% rate applies; the engine uses the annual figure and the pages say so.",
    "2026-09-12: the 120% row is not 1.2 x the printed annual AFR. Converting the ruling's printed 120% semiannual rate to an annual equivalent, (1 + s/200)^2 - 1, reproduces the printed annual 120% figure in all 69 months; multiplying the printed annual AFR by 1.2 instead disagrees with the published row in 44 of them, by up to 0.022 points and by 0.02 to two decimals in eight (2022-08, 2022-11, 2022-12, 2023-05, 2023-11, 2024-06, 2024-09, 2025-06). The 2026-09-10 note named those eight; this one states the mechanism and the full extent. The ceiling reads the published row, so no engine figure changes.",
    "2026-09-17 audit: the October 2026 ruling is not published. rr-26-18 through rr-26-22 all return the IRS 404 page; the index at irs.gov/applicable-federal-rates lists only to RR-2026-13, while RR-2026-17 (September) is reachable at its own URL — so the URL is the live signal and the index lags it. A November 2026 start, whose eligible months are September and October, therefore has only September's 5.40% published; the calculator says so rather than presenting it as the maximum.",
    "2026-09-30: October 2026 added from Rev. Rul. 2026-19, whose own text names the month (\"for October 2026 (the current month)\"); the IRS posted the file on 18 September 2026 (its Last-Modified date). Mid-term AFR 4.61, 4.56, 4.53 and 4.52%; 120% AFR 5.54, 5.47, 5.43 and 5.41% (annual, semiannual, quarterly, monthly). Read twice, the second reader blind to the first and also reading a rendered image of the table; the reads agree on all eight figures, and each is the semiannual rate converted to its compounding period. This month the mid-term 120% row prints the same four figures as the short-term 130% row, so the row was identified by its block (the mid-term block is the one with 150% and 175% rows). A November 2026 start now has both eligible months published, and its ceiling is 5.54%. The November ruling is not yet published: rr-26-20 is a §351 ruling on exchange-traded funds, and rr-26-21 through rr-26-30 return the IRS 404 page. The index at irs.gov/applicable-federal-rates now lists RR-2026-19 for October 2026 but still has no entry for RR-2026-17, September's ruling."
  ],
  "status": "verified",
  "verifiedAt": "2026-09-30",
  "verificationMethod": "Two independent automated reads of each ruling's PDF text on 2026-09-10 — the first by the lead, the second blind to the first (report V-72T, which also hand-read eight rulings from the text and from rendered page images) — agree on all four mid-term AFR and 120% figures for every month from January 2021 to September 2026; a red team (report R-72T) hand-read twelve further months and checked the ceiling logic for six start months. Every month satisfies 120% AFR ≈ 1.2 × mid-term AFR within 0.025 points. October 2026 (Rev. Rul. 2026-19) was added on 2026-09-30 after two independent reads that agree on all eight figures: the lead's text extraction, and a second reader blind to it who also read a rendered image of the table.",
  "publisher": {
    "name": "Retirematics",
    "page": "https://retirematics.com/mid-term-afr/"
  },
  "formatVersion": 1,
  "fields": {
    "month": "The month the rates apply to, taken from the ruling's own text rather than from the IRS index page.",
    "ruling": "The revenue ruling the rates were read from.",
    "midTermAfr": "Sourced. Mid-term AFR in percent for annual, semiannual, quarterly and monthly compounding, in that order.",
    "midTerm120": "Sourced. The 120% row as printed, same four compounding periods. Not 1.2 times midTermAfr; see notes."
  },
  "rows": [
    {
      "month": "2021-01",
      "ruling": "Rev. Rul. 2021-01",
      "midTermAfr": [
        0.52,
        0.52,
        0.52,
        0.52
      ],
      "midTerm120": [
        0.62,
        0.62,
        0.62,
        0.62
      ]
    },
    {
      "month": "2021-02",
      "ruling": "Rev. Rul. 2021-04",
      "midTermAfr": [
        0.56,
        0.56,
        0.56,
        0.56
      ],
      "midTerm120": [
        0.67,
        0.67,
        0.67,
        0.67
      ]
    },
    {
      "month": "2021-03",
      "ruling": "Rev. Rul. 2021-05",
      "midTermAfr": [
        0.62,
        0.62,
        0.62,
        0.62
      ],
      "midTerm120": [
        0.74,
        0.74,
        0.74,
        0.74
      ]
    },
    {
      "month": "2021-04",
      "ruling": "Rev. Rul. 2021-07",
      "midTermAfr": [
        0.89,
        0.89,
        0.89,
        0.89
      ],
      "midTerm120": [
        1.07,
        1.07,
        1.07,
        1.07
      ]
    },
    {
      "month": "2021-05",
      "ruling": "Rev. Rul. 2021-08",
      "midTermAfr": [
        1.07,
        1.07,
        1.07,
        1.07
      ],
      "midTerm120": [
        1.28,
        1.28,
        1.28,
        1.28
      ]
    },
    {
      "month": "2021-06",
      "ruling": "Rev. Rul. 2021-09",
      "midTermAfr": [
        1.02,
        1.02,
        1.02,
        1.02
      ],
      "midTerm120": [
        1.22,
        1.22,
        1.22,
        1.22
      ]
    },
    {
      "month": "2021-07",
      "ruling": "Rev. Rul. 2021-12",
      "midTermAfr": [
        1,
        1,
        1,
        1
      ],
      "midTerm120": [
        1.2,
        1.2,
        1.2,
        1.2
      ]
    },
    {
      "month": "2021-08",
      "ruling": "Rev. Rul. 2021-14",
      "midTermAfr": [
        1,
        1,
        1,
        1
      ],
      "midTerm120": [
        1.2,
        1.2,
        1.2,
        1.2
      ]
    },
    {
      "month": "2021-09",
      "ruling": "Rev. Rul. 2021-16",
      "midTermAfr": [
        0.86,
        0.86,
        0.86,
        0.86
      ],
      "midTerm120": [
        1.03,
        1.03,
        1.03,
        1.03
      ]
    },
    {
      "month": "2021-10",
      "ruling": "Rev. Rul. 2021-18",
      "midTermAfr": [
        0.91,
        0.91,
        0.91,
        0.91
      ],
      "midTerm120": [
        1.09,
        1.09,
        1.09,
        1.09
      ]
    },
    {
      "month": "2021-11",
      "ruling": "Rev. Rul. 2021-21",
      "midTermAfr": [
        1.08,
        1.08,
        1.08,
        1.08
      ],
      "midTerm120": [
        1.3,
        1.3,
        1.3,
        1.3
      ]
    },
    {
      "month": "2021-12",
      "ruling": "Rev. Rul. 2021-23",
      "midTermAfr": [
        1.26,
        1.26,
        1.26,
        1.26
      ],
      "midTerm120": [
        1.52,
        1.51,
        1.51,
        1.51
      ]
    },
    {
      "month": "2022-01",
      "ruling": "Rev. Rul. 2022-01",
      "midTermAfr": [
        1.3,
        1.3,
        1.3,
        1.3
      ],
      "midTerm120": [
        1.57,
        1.56,
        1.56,
        1.55
      ]
    },
    {
      "month": "2022-02",
      "ruling": "Rev. Rul. 2022-03",
      "midTermAfr": [
        1.4,
        1.4,
        1.4,
        1.4
      ],
      "midTerm120": [
        1.69,
        1.68,
        1.68,
        1.67
      ]
    },
    {
      "month": "2022-03",
      "ruling": "Rev. Rul. 2022-04",
      "midTermAfr": [
        1.74,
        1.73,
        1.73,
        1.72
      ],
      "midTerm120": [
        2.09,
        2.08,
        2.07,
        2.07
      ]
    },
    {
      "month": "2022-04",
      "ruling": "Rev. Rul. 2022-08",
      "midTermAfr": [
        1.87,
        1.86,
        1.86,
        1.85
      ],
      "midTerm120": [
        2.24,
        2.23,
        2.22,
        2.22
      ]
    },
    {
      "month": "2022-05",
      "ruling": "Rev. Rul. 2022-09",
      "midTermAfr": [
        2.51,
        2.49,
        2.48,
        2.48
      ],
      "midTerm120": [
        3.01,
        2.99,
        2.98,
        2.97
      ]
    },
    {
      "month": "2022-06",
      "ruling": "Rev. Rul. 2022-10",
      "midTermAfr": [
        2.93,
        2.91,
        2.9,
        2.89
      ],
      "midTerm120": [
        3.52,
        3.49,
        3.47,
        3.46
      ]
    },
    {
      "month": "2022-07",
      "ruling": "Rev. Rul. 2022-12",
      "midTermAfr": [
        2.99,
        2.97,
        2.96,
        2.95
      ],
      "midTerm120": [
        3.59,
        3.56,
        3.54,
        3.53
      ]
    },
    {
      "month": "2022-08",
      "ruling": "Rev. Rul. 2022-14",
      "midTermAfr": [
        3.15,
        3.13,
        3.12,
        3.11
      ],
      "midTerm120": [
        3.8,
        3.76,
        3.74,
        3.73
      ]
    },
    {
      "month": "2022-09",
      "ruling": "Rev. Rul. 2022-17",
      "midTermAfr": [
        2.93,
        2.91,
        2.9,
        2.89
      ],
      "midTerm120": [
        3.52,
        3.49,
        3.47,
        3.46
      ]
    },
    {
      "month": "2022-10",
      "ruling": "Rev. Rul. 2022-18",
      "midTermAfr": [
        3.28,
        3.25,
        3.24,
        3.23
      ],
      "midTerm120": [
        3.94,
        3.9,
        3.88,
        3.87
      ]
    },
    {
      "month": "2022-11",
      "ruling": "Rev. Rul. 2022-20",
      "midTermAfr": [
        3.97,
        3.93,
        3.91,
        3.9
      ],
      "midTerm120": [
        4.78,
        4.72,
        4.69,
        4.67
      ]
    },
    {
      "month": "2022-12",
      "ruling": "Rev. Rul. 2022-22",
      "midTermAfr": [
        4.27,
        4.23,
        4.21,
        4.19
      ],
      "midTerm120": [
        5.14,
        5.08,
        5.05,
        5.03
      ]
    },
    {
      "month": "2023-01",
      "ruling": "Rev. Rul. 2023-01",
      "midTermAfr": [
        3.85,
        3.81,
        3.79,
        3.78
      ],
      "midTerm120": [
        4.62,
        4.57,
        4.54,
        4.53
      ]
    },
    {
      "month": "2023-02",
      "ruling": "Rev. Rul. 2023-03",
      "midTermAfr": [
        3.82,
        3.78,
        3.76,
        3.75
      ],
      "midTerm120": [
        4.59,
        4.54,
        4.51,
        4.5
      ]
    },
    {
      "month": "2023-03",
      "ruling": "Rev. Rul. 2023-05",
      "midTermAfr": [
        3.7,
        3.67,
        3.65,
        3.64
      ],
      "midTerm120": [
        4.45,
        4.4,
        4.38,
        4.36
      ]
    },
    {
      "month": "2023-04",
      "ruling": "Rev. Rul. 2023-06",
      "midTermAfr": [
        4.15,
        4.11,
        4.09,
        4.08
      ],
      "midTerm120": [
        4.99,
        4.93,
        4.9,
        4.88
      ]
    },
    {
      "month": "2023-05",
      "ruling": "Rev. Rul. 2023-09",
      "midTermAfr": [
        3.57,
        3.54,
        3.52,
        3.51
      ],
      "midTerm120": [
        4.3,
        4.25,
        4.23,
        4.21
      ]
    },
    {
      "month": "2023-06",
      "ruling": "Rev. Rul. 2023-10",
      "midTermAfr": [
        3.56,
        3.53,
        3.51,
        3.5
      ],
      "midTerm120": [
        4.28,
        4.24,
        4.22,
        4.2
      ]
    },
    {
      "month": "2023-07",
      "ruling": "Rev. Rul. 2023-12",
      "midTermAfr": [
        3.85,
        3.81,
        3.79,
        3.78
      ],
      "midTerm120": [
        4.62,
        4.57,
        4.54,
        4.53
      ]
    },
    {
      "month": "2023-08",
      "ruling": "Rev. Rul. 2023-13",
      "midTermAfr": [
        4.09,
        4.05,
        4.03,
        4.02
      ],
      "midTerm120": [
        4.92,
        4.86,
        4.83,
        4.81
      ]
    },
    {
      "month": "2023-09",
      "ruling": "Rev. Rul. 2023-16",
      "midTermAfr": [
        4.19,
        4.15,
        4.13,
        4.11
      ],
      "midTerm120": [
        5.04,
        4.98,
        4.95,
        4.93
      ]
    },
    {
      "month": "2023-10",
      "ruling": "Rev. Rul. 2023-18",
      "midTermAfr": [
        4.43,
        4.38,
        4.36,
        4.34
      ],
      "midTerm120": [
        5.33,
        5.26,
        5.23,
        5.2
      ]
    },
    {
      "month": "2023-11",
      "ruling": "Rev. Rul. 2023-20",
      "midTermAfr": [
        4.69,
        4.64,
        4.61,
        4.6
      ],
      "midTerm120": [
        5.65,
        5.57,
        5.53,
        5.51
      ]
    },
    {
      "month": "2023-12",
      "ruling": "Rev. Rul. 2023-21",
      "midTermAfr": [
        4.82,
        4.76,
        4.73,
        4.71
      ],
      "midTerm120": [
        5.79,
        5.71,
        5.67,
        5.64
      ]
    },
    {
      "month": "2024-01",
      "ruling": "Rev. Rul. 2024-02",
      "midTermAfr": [
        4.37,
        4.32,
        4.3,
        4.28
      ],
      "midTerm120": [
        5.25,
        5.18,
        5.15,
        5.12
      ]
    },
    {
      "month": "2024-02",
      "ruling": "Rev. Rul. 2024-03",
      "midTermAfr": [
        3.98,
        3.94,
        3.92,
        3.91
      ],
      "midTerm120": [
        4.79,
        4.73,
        4.7,
        4.68
      ]
    },
    {
      "month": "2024-03",
      "ruling": "Rev. Rul. 2024-04",
      "midTermAfr": [
        4.13,
        4.09,
        4.07,
        4.06
      ],
      "midTerm120": [
        4.97,
        4.91,
        4.88,
        4.86
      ]
    },
    {
      "month": "2024-04",
      "ruling": "Rev. Rul. 2024-07",
      "midTermAfr": [
        4.3,
        4.25,
        4.23,
        4.21
      ],
      "midTerm120": [
        5.17,
        5.1,
        5.07,
        5.05
      ]
    },
    {
      "month": "2024-05",
      "ruling": "Rev. Rul. 2024-09",
      "midTermAfr": [
        4.42,
        4.37,
        4.35,
        4.33
      ],
      "midTerm120": [
        5.31,
        5.24,
        5.21,
        5.18
      ]
    },
    {
      "month": "2024-06",
      "ruling": "Rev. Rul. 2024-12",
      "midTermAfr": [
        4.66,
        4.61,
        4.58,
        4.57
      ],
      "midTerm120": [
        5.61,
        5.53,
        5.49,
        5.47
      ]
    },
    {
      "month": "2024-07",
      "ruling": "Rev. Rul. 2024-13",
      "midTermAfr": [
        4.49,
        4.44,
        4.42,
        4.4
      ],
      "midTerm120": [
        5.4,
        5.33,
        5.29,
        5.27
      ]
    },
    {
      "month": "2024-08",
      "ruling": "Rev. Rul. 2024-15",
      "midTermAfr": [
        4.34,
        4.29,
        4.27,
        4.25
      ],
      "midTerm120": [
        5.22,
        5.15,
        5.12,
        5.1
      ]
    },
    {
      "month": "2024-09",
      "ruling": "Rev. Rul. 2024-17",
      "midTermAfr": [
        4.02,
        3.98,
        3.96,
        3.95
      ],
      "midTerm120": [
        4.84,
        4.78,
        4.75,
        4.73
      ]
    },
    {
      "month": "2024-10",
      "ruling": "Rev. Rul. 2024-21",
      "midTermAfr": [
        3.7,
        3.67,
        3.65,
        3.64
      ],
      "midTerm120": [
        4.45,
        4.4,
        4.38,
        4.36
      ]
    },
    {
      "month": "2024-11",
      "ruling": "Rev. Rul. 2024-24",
      "midTermAfr": [
        3.7,
        3.67,
        3.65,
        3.64
      ],
      "midTerm120": [
        4.45,
        4.4,
        4.38,
        4.36
      ]
    },
    {
      "month": "2024-12",
      "ruling": "Rev. Rul. 2024-26",
      "midTermAfr": [
        4.18,
        4.14,
        4.12,
        4.1
      ],
      "midTerm120": [
        5.03,
        4.97,
        4.94,
        4.92
      ]
    },
    {
      "month": "2025-01",
      "ruling": "Rev. Rul. 2025-01",
      "midTermAfr": [
        4.24,
        4.2,
        4.18,
        4.16
      ],
      "midTerm120": [
        5.1,
        5.04,
        5.01,
        4.99
      ]
    },
    {
      "month": "2025-02",
      "ruling": "Rev. Rul. 2025-05",
      "midTermAfr": [
        4.52,
        4.47,
        4.45,
        4.43
      ],
      "midTerm120": [
        5.43,
        5.36,
        5.32,
        5.3
      ]
    },
    {
      "month": "2025-03",
      "ruling": "Rev. Rul. 2025-06",
      "midTermAfr": [
        4.46,
        4.41,
        4.39,
        4.37
      ],
      "midTerm120": [
        5.36,
        5.29,
        5.26,
        5.23
      ]
    },
    {
      "month": "2025-04",
      "ruling": "Rev. Rul. 2025-08",
      "midTermAfr": [
        4.21,
        4.17,
        4.15,
        4.13
      ],
      "midTerm120": [
        5.06,
        5,
        4.97,
        4.95
      ]
    },
    {
      "month": "2025-05",
      "ruling": "Rev. Rul. 2025-10",
      "midTermAfr": [
        4.1,
        4.06,
        4.04,
        4.03
      ],
      "midTerm120": [
        4.93,
        4.87,
        4.84,
        4.82
      ]
    },
    {
      "month": "2025-06",
      "ruling": "Rev. Rul. 2025-12",
      "midTermAfr": [
        4.07,
        4.03,
        4.01,
        4
      ],
      "midTerm120": [
        4.9,
        4.84,
        4.81,
        4.79
      ]
    },
    {
      "month": "2025-07",
      "ruling": "Rev. Rul. 2025-13",
      "midTermAfr": [
        4.19,
        4.15,
        4.13,
        4.11
      ],
      "midTerm120": [
        5.04,
        4.98,
        4.95,
        4.93
      ]
    },
    {
      "month": "2025-08",
      "ruling": "Rev. Rul. 2025-14",
      "midTermAfr": [
        4.06,
        4.02,
        4,
        3.99
      ],
      "midTerm120": [
        4.88,
        4.82,
        4.79,
        4.77
      ]
    },
    {
      "month": "2025-09",
      "ruling": "Rev. Rul. 2025-17",
      "midTermAfr": [
        4.04,
        4,
        3.98,
        3.97
      ],
      "midTerm120": [
        4.86,
        4.8,
        4.77,
        4.75
      ]
    },
    {
      "month": "2025-10",
      "ruling": "Rev. Rul. 2025-19",
      "midTermAfr": [
        3.87,
        3.83,
        3.81,
        3.8
      ],
      "midTerm120": [
        4.65,
        4.6,
        4.57,
        4.56
      ]
    },
    {
      "month": "2025-11",
      "ruling": "Rev. Rul. 2025-21",
      "midTermAfr": [
        3.83,
        3.79,
        3.77,
        3.76
      ],
      "midTerm120": [
        4.6,
        4.55,
        4.52,
        4.51
      ]
    },
    {
      "month": "2025-12",
      "ruling": "Rev. Rul. 2025-24",
      "midTermAfr": [
        3.79,
        3.75,
        3.73,
        3.72
      ],
      "midTerm120": [
        4.55,
        4.5,
        4.47,
        4.46
      ]
    },
    {
      "month": "2026-01",
      "ruling": "Rev. Rul. 2026-02",
      "midTermAfr": [
        3.81,
        3.77,
        3.75,
        3.74
      ],
      "midTerm120": [
        4.57,
        4.52,
        4.49,
        4.48
      ]
    },
    {
      "month": "2026-02",
      "ruling": "Rev. Rul. 2026-03",
      "midTermAfr": [
        3.86,
        3.82,
        3.8,
        3.79
      ],
      "midTerm120": [
        4.63,
        4.58,
        4.55,
        4.54
      ]
    },
    {
      "month": "2026-03",
      "ruling": "Rev. Rul. 2026-06",
      "midTermAfr": [
        3.93,
        3.89,
        3.87,
        3.86
      ],
      "midTerm120": [
        4.72,
        4.67,
        4.64,
        4.63
      ]
    },
    {
      "month": "2026-04",
      "ruling": "Rev. Rul. 2026-07",
      "midTermAfr": [
        3.82,
        3.78,
        3.76,
        3.75
      ],
      "midTerm120": [
        4.59,
        4.54,
        4.51,
        4.5
      ]
    },
    {
      "month": "2026-05",
      "ruling": "Rev. Rul. 2026-09",
      "midTermAfr": [
        4.08,
        4.04,
        4.02,
        4.01
      ],
      "midTerm120": [
        4.91,
        4.85,
        4.82,
        4.8
      ]
    },
    {
      "month": "2026-06",
      "ruling": "Rev. Rul. 2026-11",
      "midTermAfr": [
        4.13,
        4.09,
        4.07,
        4.06
      ],
      "midTerm120": [
        4.97,
        4.91,
        4.88,
        4.86
      ]
    },
    {
      "month": "2026-07",
      "ruling": "Rev. Rul. 2026-12",
      "midTermAfr": [
        4.35,
        4.3,
        4.28,
        4.26
      ],
      "midTerm120": [
        5.23,
        5.16,
        5.13,
        5.11
      ]
    },
    {
      "month": "2026-08",
      "ruling": "Rev. Rul. 2026-13",
      "midTermAfr": [
        4.35,
        4.3,
        4.28,
        4.26
      ],
      "midTerm120": [
        5.23,
        5.16,
        5.13,
        5.11
      ]
    },
    {
      "month": "2026-09",
      "ruling": "Rev. Rul. 2026-17",
      "midTermAfr": [
        4.49,
        4.44,
        4.42,
        4.4
      ],
      "midTerm120": [
        5.4,
        5.33,
        5.29,
        5.27
      ]
    },
    {
      "month": "2026-10",
      "ruling": "Rev. Rul. 2026-19",
      "midTermAfr": [
        4.61,
        4.56,
        4.53,
        4.52
      ],
      "midTerm120": [
        5.54,
        5.47,
        5.43,
        5.41
      ]
    }
  ]
}