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Level 1
posted Sep 23, 2022 8:30:18 PM

Got an electric vehicle late in the year that qualifies for tax credit but says $0 what is needed to get the credit?

i've already checked and my car is on the current list. would the credit be rolled over to next year?

0 3 532
3 Replies
Level 7
Sep 24, 2022 5:58:36 AM

The credit will be the amount of tax liability you have. Anything else rolls over to next year. 
the max credit you’ll actually receive is limited to your tax liability for the year. 

Level 1
Sep 24, 2022 7:45:50 AM

is there a place I can see what amount will roll over?

Level 15
Sep 24, 2022 8:18:00 AM

The EV credit does  NOT carry forward ... if you cannot use it all in the year of purchase  it is simply lost.  If this was for your 2021 return then it is too late to do anything about it now.  

 

If you are estimating for the 2022 tax return then you still have time to increase your income by the end of the year ... converting IRA or selling stock are 2 ways to do it.