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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10149
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have overpaid taxes in previous years. How can I have that

Customer Question

I have overpaid taxes in previous years. How can I have that reviewed for a refund?
Submitted: 6 months ago.
Category: Tax
Expert:  Lane replied 6 months ago.

Hi,

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You do that by doing an amended return (form 1040X).

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Now, (please don't shoot the messenger here) there's a statute of limitations on doing an amended refund for refund purposes; That's three years.

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Specifically, taxpayers have until the later of three years from the date of the original deadline of the tax return or two years from the date the tax was actually paid to claim a refund of overpaid taxes from the IRS.

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For example, your 2013 tax return is due on April 15th, 2014. Add three years to this filing deadline, and you have until April 15th, 2017, to file your 2013 tax return and still get a tax refund. If you file your 2013 return after April 15th, 2017, then your refund expires. It goes away forever because the statute of limitations for claiming a refund has closed.

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THis is one of the bigger IRS "gotcha's" out there. They call this an "excess collection."

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If you need help with the reporting let me know

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Lane

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I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

Expert:  Lane replied 6 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane

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