Discussion:1040X Overpayment
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> 1040X Overpayment
Discussion Forum Index --> Tax Questions --> 1040X Overpayment
| 6 November 2007 | |
| I need to file a 1040X for 2005 for a new client. The 2005 originally filed return showed $12,000 being credited to 2006. The amended 2005 return will now show him now owing $9,000. Also, the 2006 return has not been filed yet. It seems that following the instructions for form 1040X I must still apply the 2005 originally filed overpayment to 2006 even though he now needs it in 2005. Is this a correct assumption? Then he would owe $21,000 but still have $12,000 credited to 2006. I would rather use the $12,000 in 2005 since it was originally paid in for 2005. Thanks in advance. | |
| 6 November 2007 | |
| The overpayment from 2005 was applied to the estimated tax for 2006. If the taxpayer makes the election under §6402(b) to apply any part of the refund to the next year's tax, I believe you are correct and the taxpayer can do nothing with regard to that applied overpayment until the 2006 return is filed. | |
Death&Taxes (talk|edits) said: | 6 November 2007 |
| Take a look at Rev. Rul. 77-339 cited in Discussion: Overpayment Change of Mind or better yet Discussion: Changing election to apply refund to next year’s taxes? | |
To join in on this discussion, you must first
log in.
