Final answer:
To claim a refund or credit for overpayment of tax, you will need to complete IRS Form 1040X and provide a detailed explanation of the changes. Submit the form to the IRS and if eligible, you will receive a refund or credit for the overpayment.
Step-by-step explanation:
To claim a refund or credit for overpayment of tax, you will need to follow a specific procedure. First, you'll need to complete IRS Form 1040X, which is the Amended U.S. Individual Income Tax Return. This form is used to correct any mistakes or make updates to your original tax return. In the 'Explanation of Changes' section of the form, you should provide a detailed explanation of why you are requesting a refund or credit for overpayment.
Next, you'll need to submit the completed Form 1040X to the IRS. You can mail the form to the appropriate address provided in the instructions of the form. Alternatively, you may be able to e-file the form depending on your circumstances. Once the IRS processes your amended return, they will determine if you are eligible for a refund or credit.
If you are eligible for a refund, the IRS will send you a check for the difference between the amount you overpaid and the amount you owed. If you are eligible for a credit, the amount will be applied to any taxes you owe in the future. It's important to note that there are specific time limits for claiming a refund or credit, so make sure to submit your amended return within the designated timeframe.