Hi lcbm307,
The income limitations are different by filing status, so consider this requirement also;
Your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
If you consider filing status of single to use more of the credit to offset your tax liability, you will want to consider the other credits that you may not receive by changing your filing status. The best way for you to determine how to file is when you prepare your tax return in TurboTax enter all your data, and then change the filing status in the My Info section and compare the results.
I hope you find this helpful!
Connie
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