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MVC Consultant
Level 1

Overpayment in 2020



I feel like this question already should have been addressed, but I can't seem to find where it's described inside the community Q&A. 


I am self-employed and in filing my 2020 taxes, I found that I had overpaid.  I chose to roll that money into 2021 tax payments.  How do I inform quickbooks of this so it properly calculates my quarterly estimated taxes?


Thanks for any and all help!

1 Comment

Overpayment in 2020

Welcome and thanks for visiting the Community, @MVC Consultant.


You can get the money back for the overpayment by recording it as a refund in QuickBooks Self-Employed (QBSE). The steps to this are pretty quick and easy.


Here's how:


  1. In QBSE, go to the Transactions menu.
  2. Click Add transaction.
  3. Enter the transaction in the box and the amount.
  4. Proceed to the Category column and select the category.
  5. Verify the details and hit Save.


After that, you may pull up the Tax Summary or Tax Detail report to review your tax activities and information. This can be done by going to the Reports menu at the left pane. Then, choose a tax year and click View.


I also recommend consulting your accountant for further advice on what category to use for refunds.


For more insights about managing your taxes in QBSE, consider checking out these articles:



If you have any other questions, feel free to leave a comment below by clicking the Reply button. I'm always here to help. Have a good one!

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