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I believe in previous years, the EV tax credit would only reduce your tax burden. If you had a $7500 EV credit, but your taxes that year were only $3000, you'd only get a $3000 benefit and lose on the other $4500. However, I read this is changing: Q4: What if a buyer has insufficient tax liability to fully use a…
Hello, After entering in my income & general deductions, I still owe a few thousand dollars to the IRS. I then entered in my Clean Vehicle Credit information (I purchased an EV with the $7,500 qualification in 2023). I ran through the prompts and saved the info, yet nothing changed with my tax liability amount. Am I…
I'm single, don't make a lot of money, and typically don't itemize. I bought an EV this year, so how can I take advantage of the EV tax credit? I tried to itemize last year but didn't meet the $12,500 threshold. I hate to leave $7500 on the table. Thank you.
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