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  Prepaid Taxes & Carryforwards

Tax Reducers®  
900 S. Winchester Blvd Ste 1  
San Jose, CA 95128  

helpdesk@taxreducers.com  




Caution! Prepayments can be one of the most confusing things about your taxes. People forget about estimated tax payments they have made or they include the amounts when they did not actually make the payment.
 
Double Check these figures with your check records to be sure that you made these payments. Don't forget any overpayments from last year that you asked to be credited to this year. Remember that your fourth estimated tax payment is normally made in January of the following year. For example, your last estimated tax payment for 1998 would be due in January of 1999.

If you have any carryforwards of Capital Losses or Net Operating Losses, please include a copy of last year's tax returns if we did not prepare it (see below).

Prepaid Income Taxes
If you paid any estimated taxes toward THIS tax year:
  • Date of each payment 
  • Amount of each payment
  • Taxing authority (IRS or state) of each payment
    Any State Income taxes paid during this tax year even if for a prior year liability.

    Tax overpayments from last year's 1040 which you designated to be applied as a prepayment to this tax year

    Tax overpayment from last year's state tax return(s) which you designated to be applied as a prepayment to this tax year

    Capital Loss/NOL Carryforwards from a Prior Year

    A COPY of last year's Federal and State tax returns
    Capital Loss Carryforward amount to this tax year from prior Schedule D
    Net Operating Loss Carryforward amount to this tax year









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