I have ordered a Tesla Y RWD and expect to get it Nov 2023. I understood that I should get 7500 credit (assume the correct car and my filing status).
I calculate my tax for 2023 and the tax liability is $14000 on line 24 of 1040 but $14500 has been withheld and so I expect a refund of $500. So, I have no tax owed at filing. Yet because I buy a EV, I am expecting 7500 ev credit.
In this case, will I be able to the 7500 ev credit to reduce my tax liability of $14000? Thereby reducing my tax liability to $6500? And since I paid withholding of $14500, will I then get a refund of $8000??
