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Level 2

Question

Planning to buy an EV. I file Jointly as a Married Couple. My 2022 AGI was below 300K but will be > 300K in 2023. May I use 2022 AGI if purchase the car before Dec31,23?

Forum|Forum|2 years ago
December 11, 2023
2 replies
13 views

I am planning to buy an EV vehicle. I file as Jointly as a Married Couple. My 2022 AGI was below 300K. My 2023 AGI will be above 300K. My understanding is that I can use 2022 AGI if I purchase the car on or before Dec 31, 2023. Is that correct?

I am planning to buy a car which is in inventory. I will pick it up on the day of purchase. If that date is on or before Dec 31, I should be good for this rebate, I am correct? Any other thing I should be careful about to not miss the rebate? Thanks

TurboTax Online

Level 15

My understanding is that I can use 2022 AGI if I purchase the car on or before Dec 31, 2023. Is that correct? YES https://www.irs.gov/newsroom/topic-b-frequently-asked-questions-about-income-and-price-limitations-for-the-new-clean-vehicle-credit#:~:text=If%20your%20filing%20status%20changes,filing%20status%20for%20that%20year.

Level 15

yes you can use 2022 agi . but 12/31 is a Sunday and in my state dealerships are closed. also the vehicle must be placed in service in 2023.

“Placed in Service” means the date the taxpayer takes possession of the vehicle. (Prop. Reg. § 1.30D-2(e)).

Mike9241

andy11Author

Level 2

I am buying for personal use, no business use.