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Deductions & credits
The Electric Vehicle Credit is a non refundable credit. This means that it can take your tax liability down to $0, but not less than $0. Once that number hits $0, there is no further benefits from any additional non-refundable credits.
If you look at your 1040 line 16, you will likely see that the number is $0. If you remove your Electric Vehicle, that number would change back to $2,900.
You can view your 1040 by clicking the following:
- Tax Tools
- Tools
- View Tax Summary
- Preview My 1040
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‎February 11, 2022
5:29 AM