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No. of Recommendations: 2
I've never heard any of this before.

Which is why I wanted to point it out. A lot of people don't understand this until after they get the bill from the IRS requesting payment of the penalty.

Am I thinking correctly?

Yes, that sounds like plan. I would also suggest that if you use a tax advisor, that this would be a good time to consult them. And if you don't have a tax advisor, because of your side hustle income and the tax credit, you might want to consider getting one. For instance, a tax advisor could have told you how to reject getting the payments snd claim the credit on your tax return instead. See question 5 at this link

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