OK, I missed the excess FICA part. Line 6 instructions clearly lump withholding and excess FICA together. All other refundable credits are on line 3 and DO reduce total tax.
So the question is, will the stimulus credit, a refundable credit, be lumped in with withholding and excess FICA, or will it be lumped into the category of EIC, additional child tax credit, and federal fuels credit?
If I were to guess, I'd say its more like EIC than withholding. Federal withholding and excess FICA are actual amounts withheld from pay. EIC and the stimulus credit are free government give a ways.
I'd plan not to use the credit for estimated tax purposes, just to be safe.
So the question is, will the stimulus credit, a refundable credit, be lumped in with withholding and excess FICA, or will it be lumped into the category of EIC, additional child tax credit, and federal fuels credit?
If I were to guess, I'd say its more like EIC than withholding. Federal withholding and excess FICA are actual amounts withheld from pay. EIC and the stimulus credit are free government give a ways.
I'd plan not to use the credit for estimated tax purposes, just to be safe.
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