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Posted by Phil Marti on April 6, 2008, 1:07 pm
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"LoTax" wrote:
> Here's what I'm chewing on: There's a code section that provides a
> credit for a taxpayer's income tax withheld from salary, wages, and
> some other things. I think - can't look right now - that it's IRC
> section 31. Or at least near there, along with other "refundable
> credits.".
>
> How come there's no corresponding section that allows a credit for
> estimated taxes paid by the taxpayer?
Because, unlike withholding, ES payment are direct payments by the taxpayer
and are treated as payments, not a credit, on the return.
Overpayments are defined in section 6401, IIRC. I don't know that there is
a general definition of "payment" in the Code, but if there is it's probably
lurking down in the neighborhood of general definitions (7701?).
--
Phil Marti
Clarksburg, MD
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