refund of 2009 estimates

[howardfr]

I have a client that paid $25,000 in estimated taxes for 2009 on April 15, 2009. Now he has informed me that he projects that he will not owe any taxes for 2009. Is there a way to get a refund of his $25,000 he paid in now rather than waiting until he files his return in 2010?

[Wayne Brasch]

I have a client that paid $25,000 in estimated taxes for 2009 on April 15, 2009. Now he has informed me that he projects that he will not owe any taxes for 2009. Is there a way to get a refund of his $25,000 he paid in now rather than waiting until he files his return in 2010?

howardfr,

I am afraid that your client has loaned his money to the government for several extra months interest-free. I know of no way to get that money back now.

Wayne Brasch

[jainen]

>>I know of no way to get that money back now.<<

Take a turnip and squeeze it. When you get the blood out, you will get the money from the IRS.

[mcb39]

I have a client that paid $25,000 in estimated taxes for 2009 on April 15, 2009. Now he has informed me that he projects that he will not owe any taxes for 2009. Is there a way to get a refund of his $25,000 he paid in now rather than waiting until he files his return in 2010?

How could anybody be that far off on a QUARTERLY estimate? By that date, he should have already known if he had made any money in the first quarter... :scratch_head:

[JohnH]

Probably one of those clients who just wanted to "get it done" without thinking through the consequences. Then they come back expecting the preparer to straighten out their mess after they're past the point of no return.

[jainen]

>>I know of no way to get that money back now.<<

I wouldn't say NO way. There certainly are SOME ways. For example, if he elects a fiscal year he can claim his estimated payments for the current short year. A variation of that is to die; his estate can file a final return for immediate refund.

[ed_accountant]

Try calling the IRS or tell your client to call.

Thanks

[mcb39]

>>I know of no way to get that money back now.<<

I wouldn't say NO way. There certainly are SOME ways. For example, if he elects a fiscal year he can claim his estimated payments for the current short year. A variation of that is to die; his estate can file a final return for immediate refund.

I would choose "squeezing a turnip" over dying...........Jainen, you have such a way with words....

[jainen]

>>Jainen, you have such a way with words....<<

Thank you, Marilyn! What do you think about my argument against amending a return [in Margaret's thread, "Our IRS at Work"]?

[kcjenkins]

It is possible, actually, to get an early refund of overpaid estimated taxes. Not real fast, but it can be done. Call the IRS PRO helpdesk, explain the problem, and they can help you. I did not think so either, but did try for a client who had applied his overpayment to the next year, and then decided he needed it, and did not think he'd need the estimated amount against the next year, because of the §179 deduction on the equipment he wanted the refund to make a down payment on. It took about a month, but he did get the overpayment refunded.