Question on EV Credit

[iddaritho]

If you buy a car and can get 7500 $ credit.

 

should you owe money to the IRS in order to get that ? 
 

EXample , if your Federal tax is 70 or 80 k and you end up having 80 k as tax withholding on your W2 
Can we still get 7500 back as refund or the EV tax credit doesn’t work out? 
 

If it works out how many vehicles can you use in one year ? 
 

[nenu_meeku_telusa]

You have to owe at least 7500 federal tax that year. Not tax filing owe.

look at your w2. If your federal tax withheld says anything more than 7500 then you will get complete 7500. A person who earns 10K per year will not pay that much federal tax. So he won’t get full credit 

[DuvvaAbbulu]

42 minutes ago, iddaritho said:

If you buy a car and can get 7500 $ credit.

 

should you owe money to the IRS in order to get that ? 
 

EXample , if your Federal tax is 70 or 80 k and you end up having 80 k as tax withholding on your W2 
Can we still get 7500 back as refund or the EV tax credit doesn’t work out? 
 

If it works out how many vehicles can you use in one year ? 
 

Credit Vachinka car sale cheyocha 😜😜

[chicagosubbu]

Make sure to check income limit to eligible for credit 

Less than 300k for family income to eligible for credit 

[HugoStrange]

38 minutes ago, DuvvaAbbulu said:

Credit Vachinka car sale cheyocha 😜😜

no, u need to have the car for next 3 years, ee lopala sale chesthe u might need to return part of it.

[sarvayogi]

our house hold family income base is 340K. Will we get any credits?

[Aryaa]

2 minutes ago, sarvayogi said:

our house hold family income base is 340K. Will we get any credits?

Same here 380K won’t get I guess 

[mirchi_bajji]

30 minutes ago, chicagosubbu said:

Make sure to check income limit to eligible for credit 

Less than 300k for family income to eligible for credit 

yes . but the limit can be for last year too.

[mirchi_bajji]

8 minutes ago, sarvayogi said:

our house hold family income base is 340K. Will we get any credits?

last year enta...can be for last year if less than 300k

[Thokkalee]

5 minutes ago, mirchi_bajji said:

yes . but the limit can be for last year too.

If you buy a car this year, you can claim it when you file taxes next year.. I don’t think you can claim it this year 

[mirchi_bajji]

Just now, Thokkalee said:

If you buy a car this year, you can claim it when you file taxes next year.. I don’t think you can claim it this year 

i think when you are asking for that money when filing, it asks for total gross of this year or of last year. that is my understanding

[iddaritho]

Can you buy two cars and get the credit 

[Democraticcompulsion]

300K income limit ante db lo evaru qualify avvaru ga..

[Democraticcompulsion]

300K is adjusted gross income agi.

if you max out 401k, 45K less cheyyali. Technically, 345K or more.