Your credit is limited to your tax liability. If your tax liability is only $3128 after other credits, the credit "zeros out" your tax. It isn't a refundable credit, and can only reduce your tax to $0. If you don't "need" $7500 to zero-out your tax liability, you don't see a $7500 credit.
The dealer can't know your tax liability, and they aren't required to understand anything more than that the maximum credit is $7500. Car dealers only want to sell cars.
To see if the credit is showing a smaller figure due to tax liability, preview your tax return:
- My Account
- Tools
- View Tax Summary
- Preview 1040
- Look at line 53 to 56
Are you married and filing separately? Consider a joint return to boost your income and therefore benefit from more of the permissible tax credit.
Also, are you using the car for business? If you are doing that, writing-off a portion of the car as a Section 179 expense can impact the cost left over for this credit.
