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New Member
posted Jan 29, 2020 3:55:02 PM

I don't want my overpayment to be applied to 2020, I accidentally pressed yes instead of no and now I can't seem to get back to that question. How do I get it back?

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5 Replies
Expert Alumni
Feb 2, 2020 8:59:15 PM

Under the Federal menu on the left, click on Other Tax Situations. Expand the menu for Additional Tax Payments. Click Start/Revisit next to Apply Refund to Next Year. Click the button next to Give us our entire refund now and click Continue.

New Member
Jun 16, 2020 12:16:03 PM

I have followed these steps EXACTLY. In "Other Tax Situations" I chose "Get your refund now or apply it to next year's taxes". Then I selected "Give us our entire refund now." I don't need Turbotax to make recommendations for how to get my refund. But it will not stop reducing my refund and I am not able to override it.

New Member
Jun 16, 2020 12:16:44 PM

By the way, the above post is for the 2019 tax year in TT Deluxe.

Level 15
Jun 16, 2020 12:22:50 PM

Don't know why it's not working for you.  Is it for a state refund?

 

To change the entry you made to apply your  Federal refund to next year

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 and answer NO or delete the amount.

 

For state go through the State tab again, probably near the end and look for that screen again to change it.  Change it to No and delete the amount.

New Member
Jun 17, 2020 11:54:01 AM

So the problem was that there was a penalty for not having enough money withheld. The information is further down the page. Nice design IRS!!!! This was an error since it assumes the money is earned at regular intervals when in fact most of the income comes in December. To fix this, you can annualize the withholding. In the step-by-step section, search for "insufficient withholding" or "annualize withholding" or "underpayment penalty". Follow the link which appears as the first entry in a list of entries and then follow the instructions. This eliminated by state tax penalty and reduced the federal penalty by $50 to $25 from $75. Taxpayers beware. Estimated tax and withholding are not counted the same. I did pay the correct additional tax based on the December earnings in time but the IRS did not really give a hoot. All they cared about was the amount withheld. So next year, I will have sufficient funds withheld to avoid this hassle completely. BTW, this is the first time this happened and the only difference is the new bogus tax law put in place in 2017 but taking full effect this year.