I used the IRS estimator to adjust my withholding to avail the $7500 EV credit. I purchased a Hyundai Ioniq 5 2022 in JUN-2022 (sale completed, registered etc) before the IRA was signed. My assumption is that I'm eligible for the full $7500 EV credit. The question I have is should I adjust my payroll withholding to reduce the taxes now? Or, is the $7500 credit simply added to my refund/tax owed at the time of filing?
The "non-refundable" tag with the EV credit is a bit confusing for me. Please help explain that.
