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Deductions & credits
My EV credit reduced my tax liability to zero. Even though my charger installation could be worth about $300 to me, I can't use it since I have no further taxes that are owed this year. A nonrefundable tax credit means that once your tax bill has been reduced to zero, any leftover credit is forfeited. The IRS won't refund, or pay out, that remainder to you. I'm in that situation.
‎February 28, 2024
11:54 AM