Discussion:Time for overpayment refund?
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Discussion Forum Index --> Basic Tax Questions --> Time for overpayment refund?
Discussion Forum Index --> Tax Questions --> Time for overpayment refund?
| 1 February 2008 | |
| Just curious as to the estimated time frame for a return of an overpayment on quarterly estimated tax. Also are returns issued via check or directly to the bank account on file with the EFTPS? | |
| 1 February 2008 | |
| Not sure. 1-800-829-1040 will let you know how slow they are answer your other question. | |
| 2 February 2008 | |
| none of us know what you are asking - there are no 'quarterly estimated taxes' related to a 941. Who is your tax professional and why are you trying to do this on your own? | |
| 2 February 2008 | |
| Your best bet is to contact either the EFTPS customer service line or the number that DZCPA gave you.
Is the overpayment large? Why not just apply it to the next period? Just a thought. | |
| 2 February 2008 | |
| 941 is an employers quarterly federal tax return. If the amount of estimated tax payments deposited for the quarter you are filing the 941 for exceeds your liability, you have an overpayment. Just trying to get an idea of what form the return is issued in and if it takes a week or 5 months to receive it. I just might have to give them a call, figured overpayment refunds were very common and someone must have experience with them here. | |
| 2 February 2008 | |
| sorry, it's just that I have never heard anyone refer to their 941 deposits as 'estimated tax payments'. | |
| 2 February 2008 | |
| Usually you will get them within 6 to 8 weeks. Many people don't want to apply it since it confuses them...have seen it done and if it is an ongoing problem with clients doing payroll in house, I get the refund and don't do the overpayment.
Funny, if you are late, the check clears rapidly, if you are over deposited, it takes about 2 months to get it typically :) | |
| 2 February 2008 | |
| Just curious as to the estimated time frame for a return of an overpayment on quarterly estimated tax.
wrong verbage Also are returns issued via check or directly to the bank account on file with the EFTPS? Returns for correct or overpayments of payroll taxes (941 deposits) are sent by check even if you make your payroll deposits online. Earnest: Well now you have! | |
Death&Taxes (talk|edits) said: | 2 February 2008 |
| I don't use EFTPS and used to write the checks with pennies, so that when I began rounding the 941's overpayments were sometimes created. 8-10 weeks after filing the 6/30/07 quarter on 7/31, a check for $1 was in my mail box....I never remembered to carry over the excess and apparently it now exceeded $1, so they sent it to me. | |
| 2 February 2008 | |
| Wnvk, STOP WAISTING OUR TIME. WE TOLD YOU TWICE TO CALL THE IRS FOR THEIR TIME SCHEDULE. IT IS ALWAYS DIFFERENT DEPENDING ON TIME OF YEAR. BYE BYE | |
PostingFromWork (talk|edits) said: | 2 February 2008 |
| Give in to your hate, young CPA... It will only make you stronger. | |
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