I plan on buying an EV (Tesla Model Y) in a couple weeks and want to make sure I will get the full $7,500 tax credit. I will use a sample 1040 tax form as an example below:
W2 income - line 1a - $78,975
Taxable income - line 15 - $64,668
Tax - line 16 - $9,831
line 22 - $9,831
Total tax - line 24 - $9,831
Federal tax income withheld - line 25d - $10,888
Refund - line 34 - $1,056
If we use these numbers my refund would increase from $1,056 to $8,556, correct? It all depends if line 22/24 is above $7,500 for me to get the full tax credit, correct? It doesn't matter that I'm already getting a refund even without the EV tax credit, correct?
