Can I use my previous year MAGI to get Federal EV Tax rebate? And last year, I owe only 4K dollars as tax and this year it will be more than 7.5K. Do I get 7.K or 4.2K?

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Best answer by NCperson

Expert Reviewed

@pvet29331 you can use either last year or this year's MAGI to determine eligibility for the EV tax credit

Look at Line 22 of Form 1040. The tax credit, is the LESSER this number (prior to applying the credit) or $7500.

You are using the 2023 tax return (not the 2022 tax return) to calculate the maximum tax credit available. The $4200 from 2022 is not used at all.

Level 15

Expert Reviewed

@pvet29331 you can use either last year or this year's MAGI to determine eligibility for the EV tax credit

Look at Line 22 of Form 1040. The tax credit, is the LESSER this number (prior to applying the credit) or $7500.

You are using the 2023 tax return (not the 2022 tax return) to calculate the maximum tax credit available. The $4200 from 2022 is not used at all.

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