Hi wfranc01,
This is an interesting question. EV credits are "non refundable" credits. In essence this means that your tax will be lower using the credit. So, EV credits can be used to get withheld money back on your tax return but can't "put money in your pocket" like a refundable credit. So, in effect if you were to increase your withholding, yes, you would get up to 7500 back. However, you would just be getting money back that you had given to the IRS in advance, so I am not sure there is any reason to increase your withholding. Isn't it better to just keep the money in your pocket rather than using the IRS as a savings account?
