https://ttlc.intuit.com/community/energy-tax-credits-and-deductions/help/what-does-the-inflation-reduction-act-of-2022-mean-for-my-taxes/01/2763316#M8548 <P>Here’s what you need to know about provisions in the Inflation Reduction Act of 2022 that can save you money on taxes:&nbsp;</P> <UL> <LI><STRONG>Energy-efficient tax incentives: </STRONG>People still may be eligible for up to a $7,500 tax credit for purchasing a new electric vehicle and for the first time, people may be eligible for up to a $4,000 tax credit for buying a used electric vehicle, depending on their income. Since credits are a dollar-for-dollar reduction of taxes you owe, you can lower your taxes by up to $7,500</LI> <LI><STRONG>Healthcare: </STRONG>Subsidies for health insurance purchased from the Health Insurance Marketplace that were expanded in 2021 and 2022 are extended. This can help lower the health insurance premiums you pay. Plus, if you didn’t receive enough subsidy based on your income when you purchased health insurance in the Health Insurance Marketplace, it can be a premium tax credit when you file your taxes</LI> </UL> <P>Check out the <A href="https://blog.turbotax.intuit.com/health-care/inflation-reduction-act-of-2022-52555/" target="_blank">TurboTax blog</A> for up-to-date information about the final passage of the Inflation Reduction Act and details of what’s included in the bill.</P> <DIV class="ISH_suggestedInformation"> <H2>Related Information:</H2> <UL> <LI><A href="https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/qualifies-mortgage-forgiveness-debt-relief/L4qqfZkRR_US_en_US" target="_blank">What qualifies for mortgage forgiveness debt relief?</A></LI> </UL> </DIV> Thu, 11 Aug 2022 14:55:58 GMT TurboTax Help 2022-08-11T14:55:58Z https://ttlc.intuit.com/community/energy-tax-credits-and-deductions/help/what-does-the-inflation-reduction-act-of-2022-mean-for-my-taxes/01/2763316#M8548 Here’s what you need to know about provisions in the Inflation Reduction Act of 2022 that can save you money on taxes:&nbsp; Energy-efficient tax incentives: People still may be eligible for up to a $7,500 tax credit for purchasing a new electric vehicle and for the first time, people may be eligible for up to a $4,000 tax credit for buying a used electric vehicle, depending on their income. Since credits are a dollar-for-dollar reduction of taxes you owe, you can lower your taxes by up to $7,500 Healthcare: Subsidies for health insurance purchased from the Health Insurance Marketplace that were expanded in 2021 and 2022 are extended. This can help lower the health insurance premiums you pay. Plus, if you didn’t receive enough subsidy based on your income when you purchased health insurance in the Health Insurance Marketplace, it can be a premium tax credit when you file your taxes Check out the TurboTax blog for up-to-date information about the final passage of the Inflation Reduction Act and details of what’s included in the bill. Related Information: What qualifies for mortgage forgiveness debt relief? Thu, 11 Aug 2022 14:55:58 GMT https://ttlc.intuit.com/community/energy-tax-credits-and-deductions/help/what-does-the-inflation-reduction-act-of-2022-mean-for-my-taxes/01/2763316#M8548 TurboTax Help 2022-08-11T14:55:58Z