Credit for estimated tax.

1. Any amount of estimated tax paid is a credit against the amount of tax due on a final, completed return, and any overpayment of five dollars or more shall be refunded to the taxpayer with interest in accordance with section 421.60, subsection 2 , paragraph “e” , and the return constitutes a claim for refund for this purpose. Amounts less than five dollars shall be refunded to the taxpayer only upon written application in accordance with section 422.73 , and only if the application is filed within twelve months after the due date for the return. 2. In lieu of claiming a refund, the taxpayer may elect to have the overpayment shown on its final, completed return for the taxable year credited to the tax liability for the following taxable year. [C79, 81, §422.91 ; 81 Acts, ch 133, §3, 4 ; 82 Acts, ch 1180, §5, 9 ] 89 Acts, ch 251, §28 ; 2018 Acts, ch 1161, §10, 15, 16