ST Alpha - "I think you found that at this link. Read down further" (Reading a Post)

SlickerTalk
Search Archives
The Leaderboard
The FAQ

Down to Post

Backboards:

Posts: 151

In response to ""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 " by amanda jeans

I think you found that at this link. Read down further

Posted by TWuG Apr 12 '21, 10:44

"That means that the credits can only be applied to the taxes you owe in a given year, and if you received more in credits than you owe in taxes, you will not receive the difference in the form of a check. (With refundable tax credits, you would receive that check). Additionally, since the credits don’t roll over, you can only apply the credits to your taxes for one tax year."

https://www.caranddriver.com/shopping-advice/a32586259/how-ev-tax-credits-work/ (www.caranddriver.com)

Responses:

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

Post a message top

I think you found that at this link. Read down further

Replies are disabled on threads older than 7 days.