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Level 1
posted May 7, 2023 9:02:16 AM

Hello! I just want to ask about the EV tax credit for 2023. Does the non-refundable tax credit get applied to tax Tax Liability for the whole year, or the tax owed?

For reference, I used 1040 for 2022

Tax Liability is Line 16 of Form 1040.
Tax Owed is Line 37 of Form 1040.

Thank you so much

0 4 676
4 Replies
Level 15
May 7, 2023 10:18:37 AM

From Sch 3 it lands on line 20 of your 1040 and is subtracted from tax owed. 

Level 1
May 7, 2023 12:38:00 PM

Thank you for the answer. So just to confirm, even if my employer withheld from paycheck more than my tax liability for the year, I am still eligible for EV tax credit as long as my tax liability less all the credits are more than $0 (definitely more than $7,500)?

Level 15
May 7, 2023 2:18:01 PM

Correct. 

Level 1
May 7, 2023 2:20:47 PM

Thank you so much! @Bsch4477