"Ted" <Ted[at]ixmil.com> wrote:

- quote -

You sure can. I used to do just that but stopped after
having a problem with the IRS that was resolved in my favor,
but only after a lot of letter writing. I won't go into the
details but I will say that if I am due a refund I now
request a payment of that refund rather than applying it to
my next years estimated taxes.

By doing so I *know* the IRS has received my return and
honored the refund. Without actually receiving the refund
check from the IRS, I have no proof that they even
_received_ my return.

By paying my estimated tax myself with a check, the
cancelled check is my proof that the IRS actually received
my payment.

Not having either or both of those proofs can lead to a lot
of frustration.

--
-Ernie-

"There are only two kinds of computer users -- those who have
suffered a catastrophic hard drive failure, and those who will."

Have you done your backup today?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

You can skip whatever payments are covered by the refund no
matter which Method (Regular or AI) you end up using. You
are effectively just "prepaying" your installments,

ed

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Ted" <Ted[at]ixmil.com> wrote:

- quote -

Your choice.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Ted" <Ted[at]ixmil.com> wrote

- quote -

You can apply as much of the estimated tax as necessary for
part or all of your estimated tax.

Look at the overpayment being applied forward as a pot of
tax money that they dip into to draw your estimated tax
from. The only thing is, they don't know how big or small
of a ladle to use until you file your 2006 return.

As long as you have met one or more of the "safe harbor"
rules for estimates, you'll be fine.

--
Paul A. Thomas, CPA
Athens, Georgia

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I am getting a significant refund; had a worse year than I
expected... I will have to pay out a lot in estimated taxes.
The refund will be about half of the estimated taxes owe.
I am planning on telling the IRS to use it for next year.

Can I skip the first two estimated tax payments, since they
are covered by the refund; or do I still have to make all
four, just smaller because of the refund?

Thanks

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >