What does a overpayment mean?

[SteamTrain]

that usually means
..so far
.......for what you have entered into your tax file.....
................that you might get a refund of the excess you paid in during the year..

But that can change if you have not entered EVERYTHING in you tax file yet..
______________
If you are on a phone..please get off that and go to a full-screen computer....or large tablet, and log in thru a browser window.  Phones are OK for many uses, but not for preparing and filing taxes...you just miss too many important things when on a narrow screen.

[bluedeb]

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. 

[Arlindaloud]

So when that shows up? Will that be the amount added to your return along with what you're already getting or is it something that has to be paid from the tax payer?

[JotikaT2 · Accepted solution]

You will see the overpayment show up as follows:

For the 2019 return, you have the option to either have the amount of the overpayment on Line 20 refunded to you on Line 21, OR you have the option to have the overpayment applied to your 2020 estimated taxes on Line 22.  The amount on Line 22 would then be considered a "payment" towards your 2020 tax liability. 

As mentioned above, the overpayment is essentially the amount of taxes actually paid exceeding the amount of taxes due. 

This overpayment shows up on 2019 Form 1040, Page 2,  Line 20.  (If you are referring to the 2018 tax return, it would show up on 2018 Form 1040, Page 2, Line 19.)

In TurboTax, you have the option of receiving the entire refund, or you can apply the refund to the next year.  You can apply the refund by going into the Federal section of the program and doing the following:

1. Select Other Tax Situations Tab
2. Select "Additional Tax Payments" section
3. Select Apply Refund to next year

@Arlindaloud

[TaxDoubt]

Thank you all for the information. I have a couple additional questions about how to prevent my refund being offset for defaulted student loans.
 
Firstly, regarding the coronavirus stimulus; if I forgot to file my 2018 taxes and I am owed a refund, will I receive the refund if I file after the March 13, 2019 offset cancellation cutoff, or does that only apply to the 2019 tax season?
Secondly; if I apply my 2018 overpayment to 2019, but either have little or no tax liability, will I receive a refund this year? Say I apply $2,000.00 from my 2018 refund towards 2019, but I show only a few thousand In income and the correct amounts were withheld from paychecks. Will I receive the $2,000.00 refund since it was still an overpayment and they are not processing offsets this year?

Thanks again!

[ThomasM125]

I'm not sure about the offsets, but once you apply your refund from 2018 to 2019, it becomes part of the 2019 return, so it would be refunded if the offset does not apply.

[TaxDoubt]

Great, thank you! So it sounds like I can apply the 2018 refund to my 2019 taxes even though I do not make estimated payments, right? And as long as they allow me to do so without offsetting the 2018 taxes, I will get a refund for overpayment in 2019? I know they are postponing offsets after March 13th, so I'm just trying to figure out my best option to receive the refund. I suppose there is a chance to just submit my 2018 taxes now and hope they are postponing all offsets... but then again they could keep it since it is not from 2019.  

Hmm...

[Irene2805]

Yes, your 2018 refund can be applied on your 2019 return., and it sounds like you will get a refund on your 2019 return, if there are no offsets,

A couple of recommendations:

1. Rather than wondering and worrying about offsets, contact the lender of your student loans and work out some payment plan.
2. File your 2018 return right away.  You will have to mail it in since only 2019 returns can be e-filed.  A paper return will take longer to process.

@TaxDoubt

[Iui]

I had an overpayment on 2018 return the actual refund was less so what happened to the money that was subtracted from my overpayment and actual refund. I believe it was put towards this year's return but I'm not sure. My husband is self employed, can he use that for this year's taxes and how do  find out. Sorry lost in space here!

[achanese]

Not working. When through all the step suggest and the tab does say we wan the entire refund, however, in the final review, it keeps asking to enter an amount to be applied to the 2020 tax estimate. Entering 0 does not work.

[DawnC]

Leave it blank instead of entering 0.  Or tell me what you are trying to do...You have commented on an old thread so please clarify the details of your specific situation so someone can help you out.  

@achanese

[NoTax19]

Hey I have not filed a return I'm willing to it said the overpayment is on my return I'm so sick of not being able to get my benefits ui death benefit . Hey what now my ex husband robert andrew Shelton is my payee but all sites say hes committed fraud on my ssn. I'm gonna try my ui account and see if I missed something. 

[NoTax19]

So my taxes have been filed if so what is the amount of the return? 

[DoninGA]

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@NoTax19 wrote:

So my taxes have been filed if so what is the amount of the return? 

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No one can see your tax return but you.

Assuming you used the TurboTax online editions sign onto your account - https://myturbotax.intuit.com/

On the Tax Home web page the Federal Tax Return refund or taxes due will be displayed.