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945 Return ?
Posted on 1/27/10 at 3:29 pm
Posted on 1/27/10 at 3:29 pm
I have a overpayment on a 945 return I just finished. If I select to apply to next return is it treated as being deposited on 1/1/2010, if not what date is it treated as a deposit.
1
Posted on 1/27/10 at 5:48 pm to CHSBears
It should be treated as a deposit on the date it is identified as an overpayment applied. The earliesat this can be is the date the IRS received the return reporting the overpayment.
Posted on 1/27/10 at 6:42 pm to Poodlebrain
Just curious, what's the benefit of an earlier deposit date? They pay interest?
This post was edited on 1/27/10 at 6:46 pm
Posted on 1/28/10 at 9:27 am to BaylorTiger
Yes, the IRS pays interest on refunds when required. For these purposes though, the earlier date is important to avoid possible underpayment penalties for 2010.
Posted on 1/28/10 at 9:38 am to Poodlebrain
Trying to avoid late deposits. One day late is 2%, I/we make about 6/8 deposits a month (semi-weekly depositor) and 2009 total was about 8M. These can add up quickly.
Posted on 1/28/10 at 10:40 am to CHSBears
I figured as much. Back-up withholding is a pain in the arse. What really sucks is when you get those $100,000 next day deposits that you find out about at the last minute.
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