I'm planning to buy a 2019 pacifica hybrid. I read I need to have a federal tax liability for the year of $7500 to have the hybrid credit offset it. I also have 2 children, married filing jointly. When i estimated the federal tax for the year on my $100,000 of income, it was around $8,500.
If i have a $7,500 credit for buying this van, and a $4,000 child tax credit for my two kids, will I end up getting a $3,000 check from the IRS, or do I need to have a tax liability of $11,500 to "enjoy" both the car and child tax credits?
