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Level 2
posted Aug 11, 2021 5:43:19 PM

I owe taxes from 2020 and paid too much back

I am paying back taxes I owe from the year 2020. What would happen if I accidentally paid too much or overestimated the last payment I make through my payment plan?


Do I get any of it back/Do I have to report it somewhere and how would I do that?

0 2 423
2 Replies
Level 15
Aug 11, 2021 5:54:05 PM

Continue to make your next regular payment. 

Your balance is lower now and your last payment will be reduced  ( or eliminated if you overpaid a lot).

Level 15
Aug 11, 2021 7:12:33 PM

If you end up paying too much, the IRS will eventually notice the overpayment and send you a refund, without you having to do anything. It might take a few months for that to happen, after you have paid the full balance.