It depends. The federal EV tax credit, worth up to $7,500, is a nonrefundable tax credit that has been an effective way to lower the cost of EV ownership for taxpayers. Nonrefundable tax credits can only be used to reduce your tax liability, not to produce a refund beyond taxes paid.
You can preview your return before filing to find out how your taxes were calculated. See here for details, or go to Forms mode in TurboTax Desktop.
The new clean vehicle tax credit is made up of two requirements that total up to $7,500 ($3,750 each). The two requirements are a battery requirement and a critical minerals credit. There are also adjusted gross income limitations on the credit.
Used cars have become eligible for the new tax credits, under the used clean vehicle credit. While this is a lesser amount than the $7,500 credit available for new qualified vehicles, it's still a new credit that can make purchasing previously-owned clean vehicles more affordable for consumers. The new tax credit for pre-owned clean vehicles lasts for tax years 2023 through 2032. Qualified buyers can get a credit equal to the lesser of $4,000 or 30% of the sales price.
See this TurboTax tips article and this IRS webpage for more details.
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