@RyanCangco wrote:
Hi Vanessa,
So if my tax liability is 5k, 5k will be subtracted from it (7.5k - 5k) thereby bringing it to zero, which should boost my refund up by 5k correct?
I have 4k in refund and would like to make sure I at least get some benefit from buying the car.
If your tax liability is zero after the EV credit is applied then your tax refund will be the amount of tax payments (taxes withheld or paid) you have reported on your tax return and no more than that.
