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If you're receiving a refund for this year's taxes, you have the option to put this money toward your taxes for the next year. While you're not required to apply your overpayment of taxes to next year, doing so allows you to get a head start on next year's taxes.

For taxpayers who want to apply a portion of the overpayment to next year's taxes, enter the amount to be applied to the following year on the applicable line. By entering an amount on this line, the taxpayer is elect- ing to apply all or a portion of the current year's overpayment to next year's estimated tax.

Contact an IRS customer service representative to correct any agency errors by calling 800-829-1040 (see telephone assistance for hours of operation). Unfortunately, this may result in you receiving a paper check.

What happens if you overpay estimated taxes? Overpayment of your tax bill is not subject to penalties. Don't worry if you overpaid: the Internal Revenue Service (IRS) won't take anything from you. The amount of your overpayment will instead be refunded to you.

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. Prefer not to receive a refund? You can choose to get ahead on the following year's payments and apply the overpayment to next year's taxes.

While overpaying is fine, underpayments are another story. That can mean some steep penalties, plus paying interest on the money you owed.

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. Prefer not to receive a refund? You can choose to get ahead on the following year's payments and apply the overpayment to next year's taxes.

If your estimate is on the high side and you end up overpaying, you will get a refund when you eventually file your return. You'll also avoid potential penalties and interest accumulating, which can happen if you underestimate your taxes due.