1040-ES 4th quarter overpayment

Forum|Forum|3 years ago
March 16, 2023
6 replies
83 views

Two months ago (January 2023) I mailed my estimated quarterly tax payment to the IRS. I discovered later that I had pulled out an old voucher and sent the amount on that, which is $55 more than I owed.

Is there a place on the Turbo Tax software (I use the CD downloaded to my laptop) to recoup that overpayment? If so, please tell me. If there is not, then how do I recoup this amount from the IRS? It's only $55, but I'd like to have that to stick into my money market account.

Thanks in advance.

TurboTax Home & Biz Windows

Monikak11

Level 6

Assuming that the payment you made in January 2023 in a larger amount than you had planned was your 4th quarterly estimated payment for tax year 2022, you will need to report the actual amount paid on your 2022 return.

If you have overpaid estimated taxes for the year, then you will show a refund on your 2022 return. This is the way you will recover the funds from the IRS.

Please see this tax tips article for more information about estimated taxes.

mtnester Author

Level 2

Thank you. Now I just have to sure that overpayment is accounted for on my return.

TomD8

Alumni - Champ

You must enter your estimated tax payments manually into TurboTax. They are not automatically included on your return. Enter them in the Estimates and Other Taxes Paid section.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.