AnnetteB6,
I ran the update following instructions. There was nothing applicable to Federal, but it said it updated logic related to my state. I haven't started my state filing yet until my federal return is complete, but I did purchase the Federal + State edition of Turbo Tax Deluxe 2024 (download / desktop).
Anyway, I have uploaded a diagnostic copy as instructed. The token number is: 91007872-35303330
As I read the rule, the lower of my 2023 or 2024 MAGI can be used to qualify me for the credit. In other words either 2023 or 2024 amount can qualify me, assuming all other qualifications are met. Turbo Tax even tells me about the either/or in the section under "We need your Modified Adjusted Gross Income for 2023" as an explanation for why it's asking about a prior year filing. However, then it goes on to tell me that my 2024 MAGI is above the qualification limit and it won't apply. It's treating it as NEITHER/NOR instead of Either / Or.
Source: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
Who qualifies
You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.
The credit is available to individuals and their businesses.
To qualify, you must:
- Buy it for your own use, not for resale
- Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly or a surviving spouse
- $225,000 for heads of households
- $150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the 2 years, you can claim the credit.
