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phoenix86
Returning Member

TurboTax allowed U.S. refund to be held. However refund instructions do not allow that option. Is the retention of refund allowed by TurboTax?

Does TurboTax allow refund to be held for next year's return?
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5 Replies

TurboTax allowed U.S. refund to be held. However refund instructions do not allow that option. Is the retention of refund allowed by TurboTax?

TurboTax does not receive any type of tax refund, federal or state.

 

You will need to clarify exactly what you mean stating the refund is being held.  Held by whom and why?

JohnB5677
Expert Alumni

TurboTax allowed U.S. refund to be held. However refund instructions do not allow that option. Is the retention of refund allowed by TurboTax?

Yes, there is an option in the filling process to allocate the entire amount or a portion of this years refund for the following year.

If you have the 1040 tax return it will be posted to line 36 "Applied to your 20XX estimated taxes"

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TurboTax allowed U.S. refund to be held. However refund instructions do not allow that option. Is the retention of refund allowed by TurboTax?

Unless you are referring to having your tax refund applied to next years taxes -

 

To add, change or delete a current year federal tax refund to next year's taxes before you file your tax return -

Click on Federal Taxes (Personal using Home and Business)
Click on Other Tax Situations
Under Additional Tax Payments
On Apply Refund to Next Year, click on the start or update button


Or enter apply federal refund to next year in the Search box located in the upper right of the program screen. Click on Jump to apply federal refund to next year


The amount applied to next years taxes will be shown on Form 1040 Line 36

TurboTax allowed U.S. refund to be held. However refund instructions do not allow that option. Is the retention of refund allowed by TurboTax?

What "refund instructions" do not allow that? 

 

To apply part or all of your Federal refund to next year go to

Federal Taxes Tab or Personal (H&B version)

Other Tax Situations

Additional Tax Payments

Apply Refund to Next Year - Click the Start or Update button

 

JohnB5677
Expert Alumni

TurboTax allowed U.S. refund to be held. However refund instructions do not allow that option. Is the retention of refund allowed by TurboTax?

Yes, there is an option in the filling process to allocate the entire amount or a portion of this years refund for the following year.

If you have the 1040 tax return it will be posted to line 36 "Applied to your 20XX estimated taxes"

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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