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This topic covered how to figure either the amount of overpayment owed to the taxpayer or the amount of tax the taxpayer owes.
An overpayment occurs when the tax payments made exceed the amount of tax liability. A taxpayer who wants to apply a portion of the overpayment to next year's taxes must use Form 1040A or Form 1040. Any overpayment reported on Form 1040EZ must be refunded.
If the tax payment total is less than the amount of tax liability, then a tax payment is due with the return no later than April 15. Taxpayers may ask to make monthly installment payments by filing Form 9465, Installment Agreement Request , with their tax return. |
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