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What happens if i overpaid estimated taxes when I filed the extension but will get a sizeable refund. Is there a form to get the overpayment back?

Example 2020 i filed extension and paid 2700 thinking I would owe but after completing the form I would actually be getting a refund of the same. So is there a form to get the overpayment refunded also?
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5 Replies

What happens if i overpaid estimated taxes when I filed the extension but will get a sizeable refund. Is there a form to get the overpayment back?

@1jonathanx88-gma 

 

The form to get the money back is the submission of your 2020 tax return.

 

if you filled out form 1040 correctly then the $2700 estimated payment should be reflected on Line 26  and therefore your refund should be reflected on Line 34. 

 

 

What happens if i overpaid estimated taxes when I filed the extension but will get a sizeable refund. Is there a form to get the overpayment back?

When you requested your extension you were supposed to pay your estimated tax due.  Did you enter the payment you made into your tax return?  Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

What happens if i overpaid estimated taxes when I filed the extension but will get a sizeable refund. Is there a form to get the overpayment back?

What about overpayments made when filing state extensions?

What happens if i overpaid estimated taxes when I filed the extension but will get a sizeable refund. Is there a form to get the overpayment back?

Yes enter state extension payments on the federal side.  Then you might need to start the state return over for it to update.

 

To enter the amount you paid with an extension (including state extension) go to

Federal Taxes (or Personal for desktop H&B version)

Deductions and Credits

Then scroll way down to Estimates and Other Taxes Paid

Other Income Taxes - Click the Start or Update button

 

Next page second section Payments with Extension

Either Visit All or Click Start or Update by the extension you paid


Pay attention to which year you are entering for a State Extension payment. A prior year state extension payment is also deductible on the federal return so be sure to enter them on the right lines.

What happens if i overpaid estimated taxes when I filed the extension but will get a sizeable refund. Is there a form to get the overpayment back?

Thanks, VolvoGirl!

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