I'm looking to buy a new electric vehicle that qualifies for a 7500 tax credit and I have 2 children under 6 so my child tax credit will be 7200. I know they also changed the child tax credit to be fully refundable this year.
My agi should be right at 110,000 this year. Does the 7200 get taken off first and then the remainder of my tax liability taken care of by the 7500 electric credit? Or will the 7500 come off first and then the refundable child tax credit. One way I would be getting somewhere around 3k refunded extra, the other way 0.
Thanks!
