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Definition. An overpayment occurs when a taxpayer pays too much in income taxes. When paying estimated taxes, taxpayers must make four payments to the state throughout the year for that year's income taxes. These payments are all for the same amount and add up to the income taxes due for that year.

If you paid in too much tax through income tax withholding or estimated tax payments, you get credit for the overpayment when you file your income tax return. Instead of having to pay money with your income tax return, the IRS will refund the excess to you. According to the IRS, most refunds are issued within 21 days.

If you paid in too much tax through income tax withholding or estimated tax payments, you get credit for the overpayment when you file your income tax return. Instead of having to pay money with your income tax return, the IRS will refund the excess to you. According to the IRS, most refunds are issued within 21 days.

If the CRA charges you interest on an overdue balance, the interest is not tax deductible. ... That's essentially what you've done if you overpay your taxes and thus receive a tax refund.

Most tax overpayments result from payroll deductions and are refunded when individuals file their annual tax return. However, there are situations in which a tax return error can result in an overpayment to the IRS. Typically, individuals who pay too much tax are entitled to a refund.

Anyone can pay more tax than they owe by making a donation to the US government. ... If they alone were to pay higher taxes it would have very little effect on anything because the amount of additional money going to pay for government services (and reduce the budget deficit and national debt) would be too small to matter.

HM Revenue & Customs (HMRC) will send you a P800 letter to tell you that you're due a tax rebate but they won't give you the money automatically. Instead, you'll need to claim it yourself. ... If you've overpaid tax for several years, you can claim this all at once.

An overpayment on your tax return is the amount of refund you would receive. An overpayment occurs when a taxpayer pays too much in income taxes. At the end of the year, if the actual tax return shows that a lesser amount is due than the sum of the payments, an overpayment has occurred.

A tax refund is the money you're owed back from HMRC when you've paid too much tax. In some cases, tax refunds happen automatically without you even claiming them. For instance, under the Pay As You Earn (PAYE) system, the tax you owe is taken out of your pay automatically by your employer.

The sooner we receive your information and signed forms, the sooner you will receive your tax refund. Typically HMRC then take 8-10 weeks to process and pay out your refund to us. As soon as we have it we send you a cheque or pay it into your bank account as you prefer.

This year, the Internal Revenue Service expects most refunds to be issued in less than 21 days, as long as the return doesn't require further review. Some USA TODAY readers have reported getting their refunds in as fast as one week. Here's how to find out the status of your refund if you're still waiting for it.

When can I expect to receive my refund? You will receive it in four to six weeks if you respond to your notice within 30 days and if you owe no other taxes or debts we're required to collect.

If you are expecting a cheque or 'payable order' you should receive this within 5 weeks. If you have received a P800 notice telling you that you are due a tax refund and that you can claim this online, then you will receive the money directly into your bank account within 5 working days of the claim being made.

If you overpay your taxes, the IRS will simply return the excess to you as a refund. Generally, it takes about three weeks for the IRS to process and issue refunds. ... It's possible that you realize at a later date that you missed a deduction or credit that would have lowered your tax liability or resulted in a refund.

A good rule of thumb is that the earlier you file your return, the earlier you'll receive your refund but don't expect your refund to come with free two-day shipping. It typically takes up to 21 days to release 90 percent of the refunds, according to the IRS.