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If a taxpayer has made more tax payments than the amount of tax liability, this is considered an overpayment and the taxpayer can:
- Receive a complete refund, or
- Apply the overpayment to the next year's estimated tax, or
- Receive a partial refund and apply the remainder of the overpayment to next year's estimated tax
Remember that taxpayers can choose to direct deposit their refund into an account at a financial institution. In addition, Form 8888 can be used to split the refund in up to three different accounts.
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