Future rebates/incentives?

[machefan2022]

If you're an individual you need to make at least ~$50,000 a year to get the whole credit and if your married and file jointly its up around $75k. Lower than about that and you won't have enough tax liability to get the entire $7500.

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[Triggerhappy007]

If you're an individual you need to make at least ~$50,000 a year to get the whole credit and if your married and file jointly its up around $75k. Lower than about that and you won't have enough tax liability to get the entire $7500.

Your numbers are off. It's about $66k for single and $91k for married.

https://smartasset.com/taxes/income-taxes#7x8YiWeCeV

 

[SpaceEVDriver]

I am not a tax advisor or fiduciary.

There's some added complexity that comes with this. It's not just whether your tax liability was $7500 or more before you start doing the credit math. The EV tax credit is non-refundable. In fact, most credits available to individuals are non-refundable. This means that if your liability is lower than your total non-refundable credits, you cannot get refunded more than your liability.

Other common, non-refundable credits include.

• American opportunity credit.
• Lifetime learning credit.
• Child tax credit.
• Child and dependent care tax credit.
• Adoption tax credit
• Premium tax credit.
• Recovery rebate credit
• Foreign tax credit.
• Retirement savings contribution credit.

Refundable tax credits include:

• Earned income tax credit.
• Additional Child Tax Credit (ACTC) (a portion of the Child Tax Credit)

https://www.irs.gov/credits-deductions-for-individuals

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