Great question and congrats on retirement,
The credit ranges from $2,500, to $7,500, depending on battery capacity and manufacturer caps. Since the credits are non-refundable, you will need taxable income.
A nonrefundable tax credit means you get a refund only up to the amount you owe. For example, if you are eligible to take an EV credit worth $2,500 and the amount of tax owed is only $1,000, you can only reduce your taxable amount by $1,000 – not the full $2,500. Examples of Refundable Tax Credits.
If you cannot use part of the personal portion of the credit because of the tax liability limit, the unused credit is lost. The unused personal portion of the credit cannot be carried back or forward to other tax years.
Best wishes and enjoy the new car.
teri
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
