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Deductions & credits
Are you trying to claim the EV credit for car purchased in 2021 on your 2021 tax return?
If you already filed your 2021 return, you'll need to amend it to claim the credit. The credit should be claimed in the year the vehicle was purchased and put into service.
Please check all requirement listed in the link below to see if you car qualifies for the credit:
Per IRS: If you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.
The credit equals:
- $2,917 for a vehicle with a battery capacity of at least 5 kilowatt hours (kWh)
- Plus $417 for each kWh of capacity over 5 kWh
The maximum credit is $7,500. It is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
For more information, check: Credits for new electric vehicles purchased in 2022 or before
[Edited 04/08/2024, 11:40AM,PST]
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