My income tax is about $8000 and I am qualify for Child TAX Credit. If I buy a qualify EV that gives me $7500 tax credit, would I still be able to use ACTC to get child tax credit?
You'll need to sign in or create an account to connect with an expert.
Short answer is YES ... if your federal tax is $8000 and the EV credit reduces it to $500 then the CTC would be limited to $500 leaving $1500 ATCT to be refundable ($2000 - $500 = $1500).
Short answer is YES ... if your federal tax is $8000 and the EV credit reduces it to $500 then the CTC would be limited to $500 leaving $1500 ATCT to be refundable ($2000 - $500 = $1500).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sshah202020
New Member
aprilshowersrt75
New Member
tonyalvarado714
New Member
vanessaocampo294
New Member
cassieaitken1
Level 1