Hello Choontan,
Thank you so much for joining us today! What excellent questions!
Question 1) Is the income limitation for a couple filing jointly under $300,000 (AGI) based on this year's income (tax year 2023) or can we also use last year's income (tax year 2022) to qualify for the $7500 tax credit?
ANSWER: You are able to choose the lesser modified AGI of either 2022 or 2023
The IRS rule below stated one of the two years, so does tax year 2022 count? Is it based on AGI or modified AGI (MAGI)?
ANSWER: Yes, it would between the tax years 2022 or 2023, and it is based on Modified AGI
Question 2) What if we buy two EVs in the same year, or one this year and another EV next year? Can we claim the credit?
ANSWER: Yes, since each new car comes with it's own credit and there is no max per year or per lifetime limitation however the credit is NOT refundable, so if you do not have a tax liability, it may not work in your favor. You can only claim the credit up to your tax liability.
Question 3) If we buy one EV for personal use and buy one EV for our LLC/business use (either same year or different year). Can we claim the tax credit on both EVs?
ANSWER: Yes, as long they are different vehicles, then you are able to claim more then one in the same tax year.
**Say "Thanks" by clicking the thumb icon in a post**
**Mark the post that answers your question by clicking on "Mark as Best Answer"** Thank you for joining us today!
