Current-year overpayment (1041)

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See also: Next-year estimate declaration (1041)

The code selected in the Application of current year overpayment field determines how to apply any current-year overpayment. 

To change the code for the current-year overpayment, open Screen Est in the Payments folder, click the Application of current year overpayment field, and select a code.

Code Result
1 (default) Refund 100% of the overpayment.
2 Apply 100% of overpayment to next year's estimate and refund the excess. This option applies the overpayment to the first estimate and to each successive estimate until the funds run out or until all estimates are paid. You’ll see a refund of the remaining amount on 1041, 1041-QFT, or 1040NR.
3 Apply to the first quarter estimate and refund the excess.
4 Apply equally to each quarter and refund the excess. This option applies the overpayment equally to each estimate and refunds any excess overpayment.
5 Apply the portion of the overpayment shown in the Amount for code 5 or 8 field to the estimates until the overpayment runs out or all payments are made. You’ll see a refund of the remaining amount on 1041, 1041-QFT, or 1040NR
6 Apply to the first and second quarter estimates and refund the excess.
7 Apply 100% of the overpayment to next year's estimate with no refund.
8 Apply the amount specified below in the Amount for code 5 or 8 field. If this code is entered and the Next year declaration field is blank, estimates do not calculate.

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