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Level 1
June 3, 2019
Question

How to get full $7500 tax credit for purchase of plug in vehicle in 2018?

  • June 3, 2019
  • 1 reply
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we bought a chevy volt in 2018 and were told we'd get a $7500 tax credit but on turbo tax it is only showing that we got about $883 credit

1 reply

Alumni - Champ
June 3, 2019

The Qualified Plug-in Electric Drive Motor Vehicle Credit is a nonrefundable credit.  A nonrefundable credit can reduce your tax liability to 0 (zero); however, it cannot result in a refund. 

Unfortunately, the vehicle sales reps don't tell you that.