Page 805 - Large Business IRS Training Guides

FAQs
– Payments, Overpayments and Relief

• FAQ 14 (2017)

of tax when a section 965(h) election
• Involves “overpayment”
made on 2017 return.
is
• No overpayment unless
total 2017 payments exceed total tax
for the year, including section 965(h) net tax liability.

may not receive a refund or credit of any portion of
• Taxpayers
applied 2017 tax payments unless and until the
properly
exceeds the entire unpaid 2017 income
amount of payments
tax
liability, including all amounts to be paid in installments
section 965(h) in subsequent years.
under
• “Overpayment” i s
treated as voluntary prepayment of future
installments.

• Same treatment where section 965(h) election is made on

2018 return. See FAQ 4 (2018).

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