I'm not understanding the overpayment. What is it and how did I get overpayment?

Forum|Forum|1 year ago
January 13, 2025
3 replies
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Mike9241

Level 15

we have no access to your return. you would have an overpayment if you had withholding/estimated tax payments and/or tax credits that exceeded your liability. You'll have to review your entries to make sure they're correct. It would also help, if possible, to compare 2023 with 2024 line for line. however, that is probably not possible with Online until you pay any Turbotax fees.

Mike9241

SteamTrain

Level 15

,,,but just in case......

Based solely on the information you've entered so far:

An overpayment indicates you are due to get a "refund" of some of the taxes you've already paid,....or maybe some more for additional credits.

But that can change as you continue to enter all your tax forms......or may be off some if you've mis-entered some of your income, withholding, deductions or credits....etc.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

VolvoGirl

Level 15

Is it asking what to do with your overpayment? An overpayment is your refund. It means Do you want to leave your refund with the IRS or state and apply it to next year's tax return you do in 2026. Most people don't want to do that and want to get their refund now. So say NO, not to apply it.