My bank really screwed me over by erroneously withholding Federal Income Tax on interest paid to my company's money market account, even though they've known we're an S-corp for many years. After I yelled at many people they finally stopped withholding money every month, but the damage was done and they were only willing to pull back 2 of 7 withholdings from the IRS. Don't even get me started about their flawed reasoning for not pulling them all back, or the fact that the responsible department wouldn't actually talk to me about it. Anyway, they withheld about $160 and sent it to the IRS. One would think it would be easy to tell the IRS about these payments, but after many hours of digging I can't figure out how to request that the money be refunded. I'm not a pro and maybe I've made this more complicated than it needs to be, but damned if I can find anything in the 1120s instructions or the form that discusses this. I also can't find any discussion of this situation on numerous other tax advice boards.
1120S has other fields for declaring certain payments made to the IRS, but the fields are very specific and none of them seem to address my situation. Specifically, Form 1120s, Line 24 offers these fields"
24a Current year’s estimated tax payments and preceding year’s overpayment credited to the current year
24b Tax deposited with Form 7004
24c Credit for federal tax paid on fuels (attach Form 4136)
24d Elective payment election amount from Form 3800
Of the 4 fields 24a is the closest match, but I didn't make any estimated tax payments. Do these withholdings count as "estimated tax payments". The instructions for 1120s don't address what constitutes an "estimated tax payment".
At this point I'm prepared to give up and file without "asking" for the money back on my 1120s, and just keep fingers crossed that the IRS will catch it and send a refund. It's not enough money to loose any more sleep over it, and if I don't get it back it's just a $160 expense last year. With that said, I would like to get the money back, and I'd also like to have everything be correct on the return. The IRS actually does owe a refund in this case, and a correct return would reflect this. Maybe I need to file a different form? If so, which one? I couldn't find anything that fit the bill.
Thanks in advance to the community!
