Quick Tax Refund on Overpayment – How to calculate your refund
Did you overpay your company’s estimated taxes to the IRS and wonder how you can get cash back? In this article, I will teach you step by step how to fill out the quick refund of overpayment of estimated tax, form 4466.
1. Who is eligible to file form 4466?
If your company overpaid its estimated tax, you may be eligible to apply for a quick refund of the overpayment. The form to apply for this refund is called Form 4466: Corporation Application for Quick Refund of Overpayment of Estimated Tax. Your company can apply for a quick refund if the overpayment meets BOTH of the following criteria:
At least 10% of the expected tax liability
At least $500
So, if your tax overpayment is less than $500, you are not qualified to apply; if your total tax payment is less than $5,000, you are also not qualified to apply.
2. When should I file form 4466?
The deadline for filing Form 4466 has been moved to July 15, 2020. Normally it is due before April 15th because you need to use the calculated tax owed amount from your tax return for this application.
This is important: you will need to attach a copy of your corporate tax return to this application. The Quick Refund Form 4466 must be filed before the corporation files its tax return, after the end of the corporation’s tax year.
3. How long does it take for the IRS to process the form 4466?
45 days. The IRS will notify you within 45 days from the date you filed the form 4466.
Note: If you filed an extension to file your tax return, this extension will not extend the time for filing Form 4466.
4. How and where do I file form 4466?
You can only use physical mail to file this application. The IRS does not accept this application by fax. Mail the application Form 4466 to Ogden, UT.
5. How do I fill out the form 4466?
(See comments in red boxes on form below.)
