Trying to gauge if we will qualify for the full $7500 Federal Tax Credit if we purchase a new Electric Vehicle. I've read some replies on the internet that you can still qualify for full $7,500 tax credit even if you receive a federal tax refund.
For example:
Married filing jointly with 3 dependent children
Adjusted Gross Income = $86,000 with Standard Deduction of $24,000
Taxable income = $62,000
Tax table for MFJ = $7,000
Is the "Tax Liability" number that folks talk about the figure that I get from the Income Tax Table($7,000 in this example)?
If so, I assume I can receive $7,000 tax credit even if I get a refund in that year. Does that mean I will get the $7,000 tax credit on top of my refund(ex: $7,000 + $2000=$9,000)?
Also, will other tax credit affect the Tax Liability number?
