Write Over Payment Transcript For Free

If the payments made exceed the amount of tax, then the amount of the overpayment is entered on the overpaid line in the Refund section of Form 1040. Taxpayers can choose to apply any portion of their overpayment to the following tax year or receive their refund as a check or direct deposit.

Options for handling overpayments are to either refund the amount or establish a credit for it. The receiver cannot keep an overpayment, as it is neither revenue nor income.

Write "Void" in the endorsement section on the back of the check. Submit the check immediately, but no later than 21 days, to the appropriate IRS location listed below. The location is based on the city (possibly abbreviated) on the bottom text line in front of the words TAX REFUND on your refund check.

If you deposited more than the correct amount for a quarter, you can choose on Form 941 for that quarter to have the overpayment refunded or applied as a credit to your next return.

If excess refund has been computed and the authorities have not yet issued a notice, the individual may file a revised tax return and pay back the excess. This provision will not be available if the tax department sends a notice. Penal interest will be levied even if no notice is served.

Is an overpayment credit different from a refund? 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.