A Non-Refundable tax credit is capped at a taxpayer’s tax liability. Note that it says tax liability, not refund or taxes owed. So, it does include the monies paid to the IRS throughout the year and is not based on if you owe additional money at the end of the year after filing taxes.
If you wish to look at this year's tax return to get an idea of where you stand. The credit is based on line 24.
- On the menu bar on the left that shows.
- My Info
- Federal
- State
- Review
- File
- Select Tax Tools
- On the drop-down select Tools
- On the popup menu
- Select View Tax Summary
- On the left sidebar
Select Preview my 1040.
Line 15 - Taxable Income
Line 24 - Total Tax.
Line 25 - Withholdings.
Line 33 - Payments including Credits.
Line 34 - Overpayments.
Line 37 - Tax owed.
Credits for New Clean Vehicles Purchased in 2023 or After
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