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.

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Seabag

Previous username: Name Withheld
Bio page: Seabag
Joined: Jul 13, 2005
Last login: Dec 30, 2024
Total posts: 419 (2 FO)

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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

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