Applicable Federal Rates (AFR) by Month

For November 2026, 120% of the mid-term AFR is 6.11% (Rev. Rul. 2026-21), so the 72(t)/SEPP rate cap is 6.11%, the greater of that and the 5% floor. Under Notice 2022-6 you can use it for a first distribution taken in December 2026 or January 2027. The § 7520 rate for November 2026 is 6.2%.

November 2026 — the full table

Everything in the November 2026 ruling, including the adjusted AFR (Table 2) and the worked derivation of the 120% row.

Mid-term AFR and the 72(t)/SEPP cap, every month

Annual compounding, the convention Notice 2022-6 uses. Each month links to its full table and names the ruling it came from.

The "effective SEPP cap" column applies Notice 2022-6's 5% floor; it is the only derived column in this table, and only meaningful for a series that began under that Notice (first distributions in 2022 or later). Earlier rows show what the cap would have been under the same rule.

What these rates govern

IRC § 1274(d) requires the IRS to publish short-term, mid-term and long-term Applicable Federal Rates every month, set from the average market yield on Treasury obligations of comparable maturity, primarily to value below-market loans and debt instruments. Other Code sections borrow them: IRS Notice 2022-6 Q&A 4 caps the interest rate in a 72(t)/Substantially Equal Periodic Payment series computed under the fixed amortization or fixed annuitization method at the greater of 5% or 120% of the mid-term AFR for either of the two months before the first distribution (the RMD method uses no rate at all), and § 7520 values annuities, life estates and remainders at that same 120% figure rounded to 0.2%.

How the 120% mid-term rate is derived

The IRS applies each multiple to the semiannual mid-term AFR, then converts that semiannual rate to the other compounding periods. Multiplying the annual figure by 1.2 does not reproduce the published table; this does, within 0.01 percentage points, in every ruling since January 2000.

The § 7520 rate is the annual 120% mid-term figure rounded to the nearest 0.2%, with a tie rounding up: 6.11% → 6.2%, which is what the ruling publishes.

Where the figures come from

Every number on this page and the month pages is read by a script from the ruling the IRS posts at irs.gov/pub/irs-drop, Tables 1, 2, 3 and 5, and committed with the ruling's number and link. The script refuses a month that is not the one after the newest on file, refuses any change to a month already on file, and recomputes every multiple from the semiannual AFR as a check before anything is published. Two months are transcribed by hand because their PDFs do not extract as text, and one carries the IRS's own published correction; each says so on its page. A month the IRS has not published does not exist here: nothing is projected.

Sources: IRS — Applicable Federal Rates (monthly Revenue Rulings) · IRS Notice 2022-6 (2022-05 IRB), Q&A 4 · IRC § 1274(d), § 7520

Informational only, not financial, tax or legal advice. Verify the month's figure against the linked ruling before relying on it to establish a SEPP series or value an interest.

Last reviewed: November 2026 · snapshot built 2026-10-26 from irs.gov · 323 months on file.