I don't believe changing deductions makes any difference.

Feb 1, 2023
3:25:41pm

Seabag 3rd String

Your tax liability is the same either way. I got a PHEV a couple of years ago so I looked into this at the time and learned that as long as my tax liability was high enough, I'd get the full credit. Deductions didn't matter.

Report problem with this ad

Seabag

Previous username: Name Withheld
Bio page: Seabag
Joined: Jul 13, 2005
Last login: Dec 21, 2024
Total posts: 418 (2 FO)

Report problem with this ad

Messages

Author

Time

If you want the $7500 tax break for a PHEV purchase, do you have to withhold

ldssdl

2/1/23 2:02pm

No. But you do have to have the tax liability.

byubyu

2/1/23 2:03pm

Yeah i was thinking about this. Might be worth it to remove any deductions

Heath Squashwell

2/1/23 2:04pm

I don't believe changing deductions makes any difference.

Seabag

2/1/23 3:25pm

I guess I'm unclear on what non-refundable means

Heath Squashwell

2/1/23 3:29pm

That's the same questions I had.

Seabag

2/1/23 3:44pm

You are correct

JamieTartt

2/1/23 4:04pm

Say I qualify for a child tax credit and actually got money back this year...

IGlowInTheDark

2/4/23 8:23am

You need to look at you tax liability. Not what you might have gotten back.

byubyu

2/4/23 8:31am

<< Deleted >>

dYrtbYkerYder

2/1/23 2:05pm

You claim the purchase on your tax return and it reduces your taxes $7,500

JamieTartt

2/1/23 4:00pm

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad