Hello,
We are couple file our tax jointly. We are planning to buy fully electric car in 2023. For Year 2023 our AGI income will be more than 300000. As per my calculation we will be owing tax to IRS around 10k for 2023 tax year.
On the IRS website it says, we can use current year AGI or year before to qualify for EV tax credit https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
we want to make sure we are reading correctly on the IRS webiste and can use our 2022 AGI income to qualifty for tax credit ?
Also is it ok to have car title/owneship under one of us name or it has to be both name in title?
Thanks.
yes, you can use either your 2022 or 2023 AGI to qualify for the tax credit for an EV purchased in 2023.
what is it about the IRS statement that wasn't clear?
"You can u se your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit."
I guess I do find it a little absurd that you want an anonymous posting to give you confidence that what the IRS stated is to be trusted! 😀