Taxpayers may redesignate estimated income tax payments.

• Jurisdiction: United States
• Author: Kautter, David J.
• Date: 01 January 2002

The Service announced that taxpayers may redesignate their current-year estimated income tax overpayments as deposits to satisfy their employment tax obligations (Ann. 2001-112). The announcement addressed the situation in which taxpayers have already made estimated tax payments that equaled or exceeded their income tax liability for the current year. The IRS cautions, however, that if the redesignation reduces the estimated payments below that necessary to satisfy the taxpayer's current...