How does the EV tax credit work? πΈ
I started working in May 2022 Base salary + bonus is greater than limit But I only worked for part of the year My federal tax burden feels > 7500 If I order a tesla or a formerly non-qualifying vehicle now, will the tax credit apply if I get it this year? What about in January? i.e. is it the of the year of the delivery date of the order date that matters for agi and its limit? #bmw #tesla #audi #tata #volvo # #
Google KGyROvbtyE Dec 1, 2022
No, you wonβt get the tax credit for formerly nonqualifying cars unless you buy it in 2023.And if you buy it in 2023 then it goes off your 2023 income so you also wonβt get it then.
Intuit AUvb46 Dec 2, 2022
I thought for the new credit, they allow you to use 2022 income statement.
tax credit ainβt dependent on your pay
It actually is. IRA capped your income for the new version of the credit