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In 2024, I purchased an EV and transferred the credit to dealer at sale. When filling form 8936, it says "Your total personal portion of New Clean Vehicle is Zero", why?
I transferred the credit for purchasing clean EV to the dealer, which they deducted at point of sale. I am eligible for this credit based on prior year AGI (per IRS website). However, when filling out the Clean Vehicle Credit, it says personal portion is zero. What does this mean? Does it mean I am not eligible for the 7500 or it just means no additional credit can be claimed? Do I have to pay the credit back? I am sure I'm eligible based on 2023 AGI. Thank you for your help!
‎January 24, 2025
5:17 PM