Get Revenue Procedure 1999-42 - Cost-of-living Adjustments For 2000.. The Service Pro-vides

For taxpayers who pay estimated tax, the credit elect is generally a good way to handle an overpayment on the taxpayer's Form 1040 tax return. A taxpayer can elect to have an overpayment refunded to himself or applied to his subsequent year's estimated taxes (credit elect).

You get an overpayment credit when your tax payments exceed what you owe. You'll automatically receive a refund of the credit. However, you can ask us to apply the credit as an advance payment towards next year's taxes instead of sending it to you as a refund.

99-40. This revenue ruling states that when a taxpayer elects to apply an overpayment to a succeeding year's estimated taxes, the overpayment will be applied to unpaid estimated tax installments due on or after the date of the overpayment, in the order required to avoid a penalty for the failure to pay estimated tax.

If the credits are greater than the tax you owe, they'll reduce your tax to zero, but you won't receive the balance as a refund. If you qualify for a “refundable” tax credit, you'll receive the entire amount of the credit. If the credit exceeds the tax you owe, you'll receive the remaining amount as a tax refund.

Tax refunds – Use the IRS Where's My Refund? search tool if you have not received your tax refund. Stimulus checks – If you were eligible but did not receive one of the Economic Impact Payments, you may need to file or amend a tax return for 2020 or 2021. See the IRS guidelines for filing for a recovery rebate credit.

A tax credit is a dollar-for-dollar amount taxpayers claim on their tax return to reduce the income tax they owe. Eligible taxpayers can use them to reduce their tax bill and potentially increase their refund.