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.
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"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."
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I don't see what the AGI limits are for the credit in the press release?This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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It links to Rev Proc 2023-33. Rev proc states limits in 30D which states 300K for MFJ, 225K HOH and 150K Single or MFS. https://www.law.cornell.edu/uscode/text/26/30D
Code 25E is for preowned, where AGI corresponding limits are 150K, 112.5K and 75K https://www.law.cornell.edu/uscode/text/26/25EComment
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Thank You,This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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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
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