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Your total tax payments are subtracted from your total tax owed, to see whether you are due a refund, or must pay more when you file your tax return.
If you're due a refund, you have a couple of choices. You can ask the IRS to electronically deposit the amount in your bank account, by using the space provided to write down your bank routing number (the first nine-digit number that appears on the last line of your check) and your bank account number (the number that immediately follows the routing number).
If you prefer, you can have some or all of your refund applied to your 2008 estimated tax, by writing the amount you want to apply on Line 75 of Form 1040, or on Line 45 of Form 1040A.
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Work Smart
For those who will owe estimated tax for 2008 and are filing by April 15th, applying your refund to 2008 can be a good solution because your first estimated payment is also due on April 15th. Simply rolling the amount due you for 2007 into the account for 2008 saves you the time and trouble of writing an additional check to the IRS.
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If you don't elect to receive an electronic deposit or to have your refund applied to your 2008 taxes, you will receive a paper check from the government, generally within six weeks.
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