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Is there a downside to applying refund to next year’s taxes?
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posted
June 5, 2019
11:27 PM
last updated
June 05, 2019
11:27 PM
9 Replies
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Is there a downside to applying refund to next year’s taxes?
Well, you lose the use of the money for the year.
June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
Could there be an issue if the IRS determines that your refund is less than shown by the return?
June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
The only downside that people experience is that they do not get the refund to use during the tax year. If you do not rely on or need the refund this year, then applying it to next year's taxes will work.
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June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
Could there be an issue if the IRS determines that your refund is less than shown by the return?
June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
The only issue that will occur is if the refund was less than what was showing and you reported the incorrect amount on 2019 taxes. You should pull a transcript towards the end of fall and see what was applied.
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June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
So, the IRS reduces the amount applied to 2019, to cover the discrepancy?
June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
Would the IRS also mail any change to the refund?
June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
Correct, and yes, if there is a discrepancy they will mail you a letter.
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June 5, 2019
11:27 PM
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Is there a downside to applying refund to next year’s taxes?
Thanks
June 5, 2019
11:27 PM
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