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Level 1
posted Mar 18, 2024 9:47:11 AM

EV tax credit

My EV qualifies for 7500 tax credit. My income is more than 150K. However after all the deductions (including STD) my taxable income is less than 150K. Is that enough to claim the EV tax credit? Or my AGI/MAGI should be less than 150K?

0 5 730
5 Replies
Level 15
Mar 18, 2024 9:55:36 AM

If you are filing as Single or Married Filing Separately your Modified Adjusted Gross income in 2022 or 2023 must not be over $150,000.  Your AGI is on Form 1040 Line 11 on the 2022 and 2023 federal tax returns.

Expert Alumni
Mar 18, 2024 9:59:49 AM

Your AGI must be below that $150k, for either this year or last year.    When you go to the EV credit section, you will be asked what your AGI was in 2022.  If it was less than $150,000, you can still claim the credit in 2023. 

Level 1
Mar 18, 2024 1:11:25 PM

Thanks, Is the standard deduction included in the AGI? I am guessing not.

Level 15
Mar 18, 2024 1:12:23 PM

@ven7782 wrote:

Thanks, Is the standard deduction included in the AGI? I am guessing not.

No.  The Standard Deduction is not included in the AGI.

Expert Alumni
Mar 18, 2024 1:25:26 PM

You are correct. The AGI calculation is not a complicated calculation.

 

  • Your AGI is calculated before you take the standard or itemized deductions.
  • It is equal to the total income you report that’s subject to income tax—
  • Minus specific deductions such as.
    • Half of the self-employment taxes you pay
    • Self-employed health insurance premiums
    • Retirement account contributions (such as a traditional IRA)
    • Student loan interest paid.
    • Alimony payments (for agreements prior to 2019) made to a former spouse 

Please contact us again with any additional questions.