If my tax return ends up with a refund, I can chose not to take it and apply to next year as estimated payment correct? Can I take part of it, and apply part of it to next year? And for how many years can we do that?
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you can keep doing that
any refund due you this year can be carried over to NEXT year. then if next year's taxes show a refund, you can carry it over to the following year.
but if you are asking if you are due a refund in 2022, can you carry that to 2024? I am not aware that you can do that.
Your overpayment can be applied to next year's taxes and it's treated as a Q1 estimated tax payment.
You can apply part to next year and have the rest refunded.
If you have a similar overpayment next year, you can apply next year's overpayment to the following year and so on. You can keep doing so until you die, at which any overpayment would have to be refunded.
no not to 2024. To next year. and if needed, to next year again. This way I can take care of estimated payment during tax time
thanks)
if you apply refund to next year, it goes toward your first estimated tax payment.
you still have to consider your three remaining estimated tax payments.
if your refund after withholding is covering next year, you have too much being withheld.
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