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Level 1
posted Oct 7, 2022 11:41:06 AM

How do I apply my IL 2021 overpayment to 2022?

0 1 481
1 Best answer
Level 15
Oct 7, 2022 11:54:27 AM

How do I apply my refund to next year's (2022) taxes?

 

You can apply some or all of your 2021 tax refund to next year's taxes. When you come back to file your taxes in 2023, the amount you applied will show up as a credit.

 

Tip: If you pay quarterly estimated taxes, apply a portion of your refund to next year's first-quarter estimated tax payment, which is due April 18. This can help prevent underpayment penalties on next year's return.

 
How can I apply my state refund to next year?
  1. Log in to your account.
  2. Select State Taxes.
  3. Revisit IL return, continue until you get to the screen Additional Tax Situation.
  4. Scroll down to Prepare Estimated Tax vouchers FOR 2022 
  5. On the next screen answer Yes to apply your refund to next year.

1 Replies
Level 15
Oct 7, 2022 11:54:27 AM

How do I apply my refund to next year's (2022) taxes?

 

You can apply some or all of your 2021 tax refund to next year's taxes. When you come back to file your taxes in 2023, the amount you applied will show up as a credit.

 

Tip: If you pay quarterly estimated taxes, apply a portion of your refund to next year's first-quarter estimated tax payment, which is due April 18. This can help prevent underpayment penalties on next year's return.

 
How can I apply my state refund to next year?
  1. Log in to your account.
  2. Select State Taxes.
  3. Revisit IL return, continue until you get to the screen Additional Tax Situation.
  4. Scroll down to Prepare Estimated Tax vouchers FOR 2022 
  5. On the next screen answer Yes to apply your refund to next year.