Help Articles

Intuit Help · ‎12-05-2019

To apply an overpayment (or refund)

Go to the Input Return tab.
Select Payments, Penalties & Extensions from the left menu.
Select 20XX Estimated Tax (1040-ES), W-4, W-4P) then 20XX Estimated Tax (1040-ES).
Apply the amount by either of these methods:
- Select one of the options from the dropdown arrow in the Apply overpayment to 20XX, or;
- Enter the amount of overpayment (or refund) in the field Amount of overpayment to apply to 20XX. ProConnect will apply the overpayment to each voucher in order, until the amount is exhausted, and will print the estimate vouchers for any quarter not credited in full.

Option 1: applies the overpayment to the first estimated tax payment, refunds any excess, and prints vouchers for remaining quarters not credited in full.
Option 2: applies the overpayment to the first and second estimated tax payments in order, refunds any excess, and prints the vouchers for remaining quarters not credited in full.
Option 3: applies the overpayment to the first, second, and third estimated tax payments in order, refunds any excess, and prints the vouchers for remaining quarters not credited in full.
Option 4: applies the overpayment to the first, second, third, and fourth estimated tax payments in order, and refunds any excess.
Option 5: divides the overpayment by four and applies evenly to all quarters, refunds any excess overpayment, and prints vouchers for any quarter not credited in full. When a quarter has passed and the taxpayer hasn't paid an estimate, ProConnect applies the refund evenly to only the remaining quarters.
Option 6: applies the entire refund.
- When the calculated estimated tax for next year is greater than the refund, ProConnect prints estimates for the remaining balance.
- When the refund is greater than the calculated estimated tax, ProConnect applies the entire refund and doesn't print estimate vouchers.
Option 7: sets next year's estimated tax equal to the overpayment on this year's return. This overrides the automatic calculation of estimate vouchers, and no vouchers will print.