Electric Vehicle Credit - Hyundai IONIQ 5

[Dendodds]

I purchased a new Hyundai IONIQ 5 in November 2022.  It's on the IRS list of vehicles qualifying for the full 2022 $7500 tax credit.  However, the Turbo Tax software returns a zero credit.  I have enough tax expense to cover the credit.  I'm wondering if the software is confused by the new Inflation reduction act.  The IONIQ 5 is not assembled in the USA and would be excluded in 2023 but under the old law it's still covered.  Is anyone else having this problem?

[ShirlynW · Accepted solution]

If you buy a qualified electric vehicle between August 17, 2022, and December 31, 2022, the same rules apply, plus the vehicle must also undergo final assembly in North America. 

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[Dendodds]

Thanks for the quick response.  I didn't realize the new law actually amended the existing requirements for vehicles purchased in 2022.  I thought the new provisions starting after August 16th 2022 were designed to expand eligibility in 2022 - not restrict it.   My mistake....