In 2024 when you buy an EV from a dealer you can get the $4,000 for a used vehicle or $7500 for a new vehicle as a reduction in price from the dealer. However, from what I have read the AGI limits still pertain. Is there going to be a form you file with 1040 to pay back the credit if your AGI exceeds the thresh holds? I searched the internet for an answer to this and can't find it.
Announcement
Collapse
No announcement yet.
2024 EV Rebate
Collapse
X
-
"Consumers may transfer the credit if they attest that they believe they are eligible, including that they fell below the applicable income thresholds in the prior year or expect to be below these thresholds in the year the vehicle is placed in service. Consumers will need to directly repay the full value of a transferred tax credit to the IRS when filing their taxes if they exceed the applicable modified adjusted gross income limitation."
-
Originally posted by BOB W View PostI don't see what the AGI limits are for the credit in the press release?
Code 25E is for preowned, where AGI corresponding limits are 150K, 112.5K and 75K https://www.law.cornell.edu/uscode/text/26/25E
Comment
-
I have felt for some time this could be a train wreck. Since the dealer is in the queue, there could be an information return creating a Liability in the "Other Taxes" section, and then permitting a credit in the "Payments" section if the taxpayer qualifies. The "Other Taxes" could be stuck no matter what, then the "payment" only allowed when the taxpayer qualifies.
Anxious for my seminar this year. I'm sure it will be a heavy topic. I wish the govt would stay out of "social experiments."
Comment
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Comment