The EV credit is non refundable. It can only reduce your liability to zero.
But once your liability is reduced to zero, your taxes withheld and your other fundable credits (such as the Earned income credit) become refundable to you, and this is your refund after the EV tax credit.
In other words, the refund of $5,540 is a refund of your taxes withheld and/or your refundable credits (such as the EIC), and not a refund of the EV credit.
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