Taxes and tax incentive

Djynn81

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I am starting to do my 2022 taxes. Do we need to have paperwork from the dealership in regards to the EV tax credit here in California.
or do I just put this information in the tax forms, and nothing is needed from the dealer
Thanks.
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Tngo23

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Great question as I will do mine soon. I was wondering the same thing but I would have the contract and or purchase agreement as the IRS will definitely ask.

My question is, do you get a credit or refund for the $7500?
 

TGIF

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It is a tax credit. If you only have tax liability of $5000, for example, you only get that much credit. Whether you get a refund depends on what you have paid in and your final tax liability. If you still owe over $7500 no “refund” for you but the credit will apply against what you need to pay the IRS. If you overpaid after accounting for the tax credit, you will get a refund.
 

Travman1974

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I am starting to do my 2022 taxes. Do we need to have paperwork from the dealership in regards to the EV tax credit here in California.
or do I just put this information in the tax forms, and nothing is needed from the dealer
Thanks.
All that is needed for the Federal tax credit is your VIN. You should keep a copy of your purchase contract incase you get audited in the future.

California does not have a tax credit, but there is a rebate available through the CVRP for that you will need to submit a copy of your purchase contract.
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