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

I only have about $1700 liability this year - why doesnt it reduce to zero ?
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Electric Vehicle Credit shows $7500 -Why does it only give me $350

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

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6 Replies

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

How much is your Self-Employment tax?
sisterrp
New Member

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

self employment tax is $2671
sisterrp
New Member

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

Actually  Total tax is $2671 Myself and my wife
sisterrp
New Member

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

Credit doesnt reduce SE Tax ?  Wow  i didnt know that

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

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"

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

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"
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