To apply an overpayment (or refund) for an individual return:
- Go to Input Return ⮕ Payments, Penalties & Extensions ⮕ 20YY Estimated Tax (1040-ES), W-4, W-4P) ⮕ 20YY Estimated Tax (1040-ES).
- Apply the amount by either of these methods:
- Select one of the options from the dropdown arrow in the Apply overpayment to 20XX, or;
- Enter the amount of overpayment (or refund) in the field Amount of overpayment to apply to 20XX. ProConnect will apply the overpayment to each voucher in order, until the amount is exhausted, and will print the estimate vouchers for any quarter not credited in full.
To apply individual return overpayment to next year and create one estimated tax voucher
- Go to Input Return ⮕ Payments, Penalties & Extensions ⮕ 2024 Estimated Tax (1040-ES,W-4, W-4P, W-4R) ⮕ 2024 Estimated Tax (1040-ES).
- Enter the amount of the overpayment as a dollar amount in the field, Amount of overpayment to apply to 2024.
- Enter 1 in the field One voucher only: 1=1st, 2=2nd, 3=3rd, 4=4th.
- Scroll down to the Overrides section.
- Enter the desired amount in the 1st quarter [O] field.
- Enter -1 in the 2nd quarter [O], 3rd quarter [O] and 4th quarter [O] fields.
- Check the box next to Do not reduce override by overpayment applied.
- Enter the same amount entered in the 1st quarter [O] field in 2024 estimated tax [O].