topic For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest it mean i will get money back from the federal government? in State tax filing https://ttlc.intuit.com/community/state-taxes/discussion/for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest-it-mean-i/01/1184589#M51440 Wed, 19 Feb 2020 05:57:08 GMT jcdabest 2020-02-19T05:57:08Z For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest it mean i will get money back from the federal government? https://ttlc.intuit.com/community/state-taxes/discussion/for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest-it-mean-i/01/1184589#M51440 Wed, 19 Feb 2020 05:57:08 GMT https://ttlc.intuit.com/community/state-taxes/discussion/for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest-it-mean-i/01/1184589#M51440 jcdabest 2020-02-19T05:57:08Z Re: For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest ... https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1198357#M52081 <P>A tax credit lowers your taxable income so you will pay less tax.&nbsp; However, the electric car credit is a<STRONG> non-refundable</STRONG> credit and can only lower your taxable income to 0.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>There are two types of tax credits available for taxpayers: refundable and non-refundable. Both types offer you the chance to lower the amount of taxes you owe, but only refundable credits can also get you a tax refund when you don't owe any tax.</P> Fri, 21 Feb 2020 03:01:02 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1198357#M52081 DawnC 2020-02-21T03:01:02Z Re: For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest ... https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1367138#M62070 <P>When I correct my tax credit to $1875 my tax refund actually refund increases by only $469. Any ideas as to why not $1875?</P><P>&nbsp;</P><P>&nbsp;</P> Fri, 27 Mar 2020 15:57:12 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1367138#M62070 brian95006 2020-03-27T15:57:12Z Re: For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest ... https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1378074#M62646 <P>it may be a non refundable credit you are trying to add. Non-refundable credits serves&nbsp;to reduce your tax liability to "0" based off of your taxable income. Chances are&nbsp;your tax liability was only $469 before you applied that $1875 credit. When you applied the credit, only $469 could be claimed because that reduced your tax liability to "0" at this point.&nbsp;</P> Sun, 29 Mar 2020 20:23:41 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1378074#M62646 DaveF1006 2020-03-29T20:23:41Z Re: For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest ... https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1381284#M62864 <P>I spoke to someone at TurboTax and they informed me that I needed to leave the default credit at $7500 and not change it to $1875 as the program will do it automatically. What was happening is when I was changing the credit to $1875 the program was taking a percentage 25% it was lowering my refund to $469. (example- 7500 X 25% = 1875)</P> Mon, 30 Mar 2020 15:27:13 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-for-an-electric-vehicle-what-does-a-tax-credits-means-i-am-confused-about-this-part-doest/01/1381284#M62864 brian95006 2020-03-30T15:27:13Z
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topic For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest it mean i will get money back from the federal government? in State tax filing
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For an electric vehicle, what does a Tax Credits means? I am confused about this part, doest it mean i will get money back from the federal government?
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<P>A tax credit lowers your taxable income so you will pay less tax.&nbsp; However, the electric car credit is a<STRONG> non-refundable</STRONG> credit and can only lower your taxable income to 0.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>There are two types of tax credits available for taxpayers: refundable and non-refundable. Both types offer you the chance to lower the amount of taxes you owe, but only refundable credits can also get you a tax refund when you don't owe any tax.</P>
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<P>When I correct my tax credit to $1875 my tax refund actually refund increases by only $469. Any ideas as to why not $1875?</P><P>&nbsp;</P><P>&nbsp;</P>
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<P>it may be a non refundable credit you are trying to add. Non-refundable credits serves&nbsp;to reduce your tax liability to "0" based off of your taxable income. Chances are&nbsp;your tax liability was only $469 before you applied that $1875 credit. When you applied the credit, only $469 could be claimed because that reduced your tax liability to "0" at this point.&nbsp;</P>
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<P>I spoke to someone at TurboTax and they informed me that I needed to leave the default credit at $7500 and not change it to $1875 as the program will do it automatically. What was happening is when I was changing the credit to $1875 the program was taking a percentage 25% it was lowering my refund to $469. (example- 7500 X 25% = 1875)</P>
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