So the EV credit and CTC could both be taken. See this for the EV credit qualification:
The AGI for the EV credit, which is a no-refundable credit, is Modified Adjusted Gross Income ("MAGI"). So, if you're single, and your modified adjusted gross income is over $150,000, you won't qualify for the EV tax credit. The EV tax credit income limit for married couples who are filing jointly is $300,000. For Head of Household the limit is $225,000. (See: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after#:~:...)
So what is MAGI? Modified adjusted gross income can be defined as your household’s AGI after any tax exempt income and after factoring in certain tax deductions. So starting with AGI you add back:
- Any deductions you took for IRA contributions and taxable Social Security payments
- Deductions you took for student loan interest
- Tuition and fees deduction
- Half of self-employment tax
- Excluded foreign income
- Interest from EE savings bonds used to pay for higher education expenses
- Losses from a partnership
- Passive income or loss
- Rental losses
- The exclusion for adoption expense
There is no calculator per se for this. Assuming you have a good idea of your income items you can use your 2022 tax return as a guide in getting to AGI and then add any of items above to get to MAGI.
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