Electric Vehicle Credit shows $7500 -Why does it only give me $350

sisterrp · ‎June 3, 2019

I only have about $1700 liability this year - why doesnt it reduce to zero ?

Vanessa · ‎June 3, 2019

If you look at line 11a on your 1040, your credit cannot be more than that amount. It cannot reduce your self-employment tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

MichaelL1 · ‎June 3, 2019

How much is your Self-Employment tax?

sisterrp · ‎June 3, 2019

self employment tax is $2671

sisterrp · ‎June 3, 2019

Actually Total tax is $2671 Myself and my wife

sisterrp · ‎June 3, 2019

Credit doesnt reduce SE Tax ? Wow i didnt know that

Vanessa · ‎June 3, 2019

Nope, credits do not reduce SE Tax. Refundable credits offset what you have to pay, but do not reduce the actual SE tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Vanessa · ‎June 3, 2019

If you look at line 11a on your 1040, your credit cannot be more than that amount. It cannot reduce your self-employment tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do you have an Intuit account?