....and, in case it applies to you. IF you have any self-employment income too, the electric vehicle credit can't be applied to reduce any SE taxes you owe (SE portion of Social Security and Medicare taxes) .
So, for people with significant self-employment income, they could still have a tax liability remaining, even though all regular income taxes have been wiped out by the vehicle credit.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
