How do I use my 2022 tax refund to offset my Q1 2023 Form 1040-ES Payment?

I made too much 2022 1040-ES payments and has a big refund. When I tick no refund for 2022 Federal tax return, it does not reduce any of the amounts shown on my 2023 1040-ES Payment Vouchers. What do I do?

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1 Best answer

Expert Alumni

Feb 11, 2023 6:27:28 AM

Yes. You can apply your 2022 federal refund towards your 2023 estimated payments.

To change the amount of federal refund applied to next year:

Type "apply federal refund to next year" in Search (magnifying glass) in the top right
Select "Jump to apply federal refund to next year"
On “Get Your Refund Now or Apply It to Next Year's Taxes” choose Apply all or part of it toward next year’s tax bill, then Continue.
On "Apply How Much?" enter an amount.

Applying your refund to next year will reduce your current refund and give you a credit for tax paid on next year's return.

This can reduce or eliminate the amount of quarterly payments for taxpayers who pay estimated taxes.