Sparing the details, x client just getting around to file 1040 2007. 2006 has a Fed tax carryover to 2007 of x,xxx.xx dollars. Will the IRS allow the carryover or is that lost?
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Curious: What kind of carryover? NOL (which has to be carried back first), Capital Loss, something else?Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important. -
2006 irs refund was applied to 2007 taxes........... did I say it wrong on my first post?This post is for discussion purposes only and should be verified with other sources before actual use.
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Oh.
An overpayment applied to the following year's taxes on an individual return.
You or the TP or you with POA) may be able to get a transcript from IRS for the year the last return was filed and the next 3 or 4 years just to see what was on the IRS books.
Technically, the overpayment in a given year may be applied to the ESTIMATED taxes for the following year (1040 line 75 for 2013). It may be that a late filed return for that following year (which is your scenario as I undertand it) would be a claim for refund and barred by the 3 year statute of limitations.Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.Comment
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Carryover
If the taxpayer made a timely election to transfer their 2006 overpayment to 2007 as an estimated tax payment then it will be credited. If it more than pays the tax due for 2007 there will be no refund or credit of the difference.Comment
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That's encouraging..........thanks.............This post is for discussion purposes only and should be verified with other sources before actual use.
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