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TAX TIPS
Applying a Refund to an Estimated Payment
by Kevin McCormally

Here's a memory jogger: Did you assign part or all of your 2002 federal tax refund last spring to your 2003 tax bill?

Lots of taxpayers who have to make estimated tax payments during the year do that. They just let the IRS keep the money, rather than getting a refund and having to turn around and write the IRS a check for the first quarterly payment.

If you did so, make sure you include the amount with your other estimated tax payments on line 62 of your Form 1040. That will cut what you owe or beef up your refund this year dollar for dollar.