{"id":41017,"date":"2019-01-15T14:41:28","date_gmt":"2019-01-15T20:41:28","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=41017"},"modified":"2021-08-16T13:24:45","modified_gmt":"2021-08-16T18:24:45","slug":"overpayment-of-taxes-applied-to-next-year","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/irs\/refunds-and-payments\/overpayment-of-taxes-applied-to-next-year\/","title":{"rendered":"Overpayment of Taxes Applied to Next Year"},"content":{"rendered":"

Wondering what\u2019s the advantage of applying your overpayment of taxes to next year? If you\u2019re receiving a refund for this year\u2019s taxes, you have the option to put this money toward your taxes for the next year.<\/p>\n

While you\u2019re not required to apply your overpayment of taxes to next year, doing so allows you to get a head start on next year\u2019s taxes. This may be especially helpful if you\u2019re going to have income that\u2019s not subject to withholding. For example, if you earn income as an independent contractor and your taxes are not withheld through Form W-4<\/a> instructions, you may need to make quarterly estimated tax payments<\/a>.<\/p>\n

For some, it may take a little extra effort to set money aside to make those estimated tax payments. If you apply your overpayment of taxes to next year, you\u2019ve helped yourself reduce the amount you need to set aside.<\/p>\n

How Much IRS Overpayment Can Be Applied to Next Year?<\/h2>\n

You can choose to apply all or just some of your IRS overpayment to next year\u2019s taxes. If you use the entire amount of your overpayment, it will apply to your first installment of estimated taxes until all your balance has been used.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wondering what\u2019s the advantage of applying your overpayment of taxes to next year? If you\u2019re receiving a refund for this year\u2019s taxes, you have the option to put this money toward your taxes for the next year. While you\u2019re not required to apply your overpayment of taxes to next year, doing so allows you to […]<\/p>\n","protected":false},"author":418,"featured_media":41309,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,52],"tags":[],"class_list":["post-41017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs","category-refunds-and-payments"],"acf":[],"yoast_head":"Overpayment of Taxes Applied to Next Year | H&R Block<\/title>\n<meta name=\"description\" content=\"Expecting a refund for this year\u2019s taxes? 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