It stays $7500 for an extra quarter after 200k is reached.
See the thousands of other threads discussing this. Donāt worry about things you have no control of, like purchase date.
No, it's a cumulative total for the manufacturer. It's just updated a quarter at a time. Ford will probably reach 200k US sales in 3Q2022. The IRS rules say the full credit is honored for one additional quarter after the one it hits 200k. Thus all deliveries thru end of 4Q2022 (Dec 31, 2022) should likely be ok for the full $7500.
How much you owe or get back at the end of the year is irrelevant. You just need at least $7500 in tax liability to be able to use the entire credit.
Let's say you earn $50k during the full year. The tax you owe the government is approximately $5700. Usually this is taken out of each paycheck over the course of the year so you wouldn't owe anything when you do your taxes. The tax credit would reduce the amount you owe by $7500, but it wouldn't go beyond the amount you owe. This means if you paid out $5700 over the course of the year, that amount would be reduce to $0. If your company did take out money in each paycheck you would receive $5700 back as a refund.
