Hello, in anticipation for tax year 2024, I want to know if I qualify for the Clean Vehicle Credit.
For a single filer in 2024, the requirement is max MAGI of $75,000 from tax year 2024 or 2023. Based on Form 8936, MAGI is calculated by taking AGI from line 11, then adding in Puerto Rican excluded income, adding in foreign earn income from Form 2555, and adding back in income exclusion for residents of American Samoa.
Since the income exclusions above do not apply to my and my AGI is under the $75,000 limit for a single filer I believe I qualify for this credit (assuming the vehicle I purchased also qualifies).
My confusion comes from researching online on how to calculate MAGI and many turbo tax sponsored articles and discussion forums say to calculate MAGI you must take AGI and add back in deductions like student loan interest, IRA contributions, HSA contributions. (https://blog.turbotax.intuit.com/tax-tips/what-is-modified-adjusted-gross-income-magi-48384/)
In this turbo tax discussion an expert user says to calculate MAGI you must take AGI and add back in student loan interest, IRA contributions, Tuition and fees deduction, Rental Losses, etc. (https://ttlc.intuit.com/community/taxes/discussion/can-you-calculate-magi/00/1880160)
If i calculate the MAGI based on form 8936 then I will qualify as an individual filer but if i calculate MAGI based on how turbo tax articles and expert say to calculate it then I would not qualify.
Should I just use Form 8936 to calculate MAGI? I just want to make sure I'm not missing anything. Thanks!
