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Get your taxes done using TurboTax
@toolstogo - the tax credit has nothing to do with your withholdings.
it has to do with Line 18 of form 1040. The tax credit is deducted from Line 18; however, Line 22 can not be less than zero. it is that simple. So if the tax credit is more than Line 18, the remainder can be carried over to the next year or the next or the next; it can be carried forward continuously until you can use it. (the EV credit doesn't work like that - it has to be used in the year the car is purchased).
The line numbers are the same on both the 2021 and 2022 tax return (form 1040), so suggest checking your 2021 tax return as a guide on how this works.
‎November 21, 2022
8:38 AM