If I overpay my federal taxes do I receive the overwithheld amount with my return?

Question

I have already paid the amount of federal taxes required from me for this year.
if i dont change the number of allowances to have less taken out for my last 2 paychecks of the year i will be over-paying about $750. will i receive this amount on top of my regular return?
i would prefer not to change the number of allowances. i would rather have them withhold the extra amount but only if i get it back with my return.
no sense in giving the taxman more than i have to.

Answer 1

If you overpay, you will get a refund from them in April when you file taxes. That's what my textbook says.

Answer 2

Yup. When you sit down to figure out your taxes, you'll eventually figure out how much tax you were supposed to pay based on your income and whatever you are allowed to deduct. If your withholdings are greater than that amount, you get a refund. If not, you owe Uncle Sam. That's why it's to your advantage to file your taxes as early as possible if you know you'll be getting a refund -- you'll get it quicker that way. If you find out that you're going to owe, wait until April 15th to file your taxes.

Answer 3

Your regular refund (not "return" - that's the tax forms you send to the IRS) IS giving you back any overpayment. So yes, if you overpay, then you'll get the extra back as a refund.

If you also qualify for EIC, then you'd get that in addition.

Answer 4

if you over paid taxes in previous years, file an amendment, 1040X. It's a simple, one page document.

But any withholding you overpaid should be returned to you if you file properly. The 1040X allows you to correct previous errors.

Answer 5

yes, it will be returned in a refund.