- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The withholding is refundable only when you have a tax liability that is less than your withholdings. So, if a non refundable tax credit lowers your tax liability to $0, then all of your withholdings would be refunded to you.
So, yes, if you wanted to have more money up front and are sure you will qualify for the EV credit that will bring your tax liability down to $600, you could potentially not have taxes withheld. However, this is very risky as tax laws change and so do the laws for tax credits.
If, for some reason you would end up not getting the EV credit next year, you would end up owing what you didn't have withheld plus penalties for failure to pay enough taxes throughout the 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"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 23, 2023
7:18 PM