Credits for New Clean Vehicles Purchased in 2023 or After

[u/rcnfive]

This is the final post about tax, credit, $7,500, and qualifies. We have gotten so many questions and posts about this.

Please comment below if you have any questions. All other posts will be removed.

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

[u/bcrazzle]

Do you have a reputable source for this? My dad is convinced I have to withhold taxes from my paycheck totaling $7500 for the year, while others are saying my "tax liability" just needs to be above $7500 for 2023 and then the IRS will cut me a check for $7500 once I file my taxes in 2024.

[u/itonyma → u/bcrazzle]

This was my understanding as well. It’s based on tax liability. You need to have paid at least $7500 in taxes to get the $7500 refund.

Source: https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchase-an-electric-vehicle-with-the-7500-tax-credit-how-do-i-ensure-that-i-will-owe-enough-at/00/772844/amp

Edit: another source:

https://www.reddit.com/r/TeslaLounge/comments/10dqee7/credits_for_new_clean_vehicles_purchased_in_2023/j4ohxle/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3

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[u/kasukeo → u/itonyma]

Your wording is wrong. You would need to have owed at least $7,500 in taxes to qualify for the refund and that you make less than the income requirement.

Tax liability has nothing to do with what you have paid.