Estimated tax paid 2006

[Bjorn]

A taxpayer paid estimated tax on an incorrect amount of income and will be way over paid. It is possible to write and get the third quarter back or do we need to file the tax return and get it in February with the tax return.

[Roland Slugg]

Just file early

Dear Bjorn

There is no provision for refunding estimated taxes prior to the filing of the related year's return. If he wants the excess back as soon as possible, he should file his '06 return at the earliest date he can. Maybe that will be in February ... or later ... but it could even be in January if he has all his information by then.

[Bird Legs]

2006 Refund

Also E-file if at all possible. This will also speed up the refund.

[OldJack]

Dear Bjorn

There is no provision for refunding estimated taxes prior to the filing of the related year's return.

The poster did not say what type of entity the taxpayer was. I agree with Roland Slugg if this taxpayer is an individual.

However if this taxpayer is a corporation the overpayment of estimated taxes can be requested by filing form 4466, "Corporation Application for Quick Refund of Overpayment of Estimated Tax", if the overpayment is (1) At least 10% of the expected tax liability and (2 )At least $500. The form must be filed before the due date of the corp tax return or before the filing of the tax return if filed earlier than the due date.