ST Alpha - "I would think you need to plan ahead. Change your W-4 withholding for the year you plan to buy and reduce it by the credit amount? -- nm" (Reading a Post)

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In response to "appar I didn't understand this either. I can't believe you have to owe at EOY to get credit. I have no idea how I could structure my life " by amanda jeans

I would think you need to plan ahead. Change your W-4 withholding for the year you plan to buy and reduce it by the credit amount? -- nm

Posted by decline (aka Decline) Apr 12 '21, 10:36

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Responses:

but I can't underwwithhold by $7500. I mean, my employer wouldn't let me. it's not physically possible. -- nm - amanda jeans Apr 12, 10:38 7
- "For instance, if you bought an EV eligible for a $7500 tax credit and your total federal taxes for the year came to $8500, you would owe only $1000 - amanda jeans Apr 12, 10:41 6
  - just claim ~ 15 dependents and you'll be all set -- nm - decline Apr 12, 10:46
  - I think you found that at this link. Read down further - TWuG Apr 12, 10:44 4
    - That’s poorly written. “What you owe in taxes” should mean your total tax liability, not what you owe when you file. -- nm - znufrii Apr 12, 10:48 3
      - Yeah, that's how I read it. I think you have to manage your withholding. You just can't get it back if your total tax obligations (including - pmb Apr 12, 10:57 2
        
        It has nothing to do with withholding. -- nm - znufrii Apr 12, 10:59 1
        
        Right. -- nm - pmb Apr 12, 12:17

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