I purchased an EV in 2024 and transferred $7500 credit to dealer. TurboTax Online is saying that "Total Personal Portion of your New Clean Vehicle Credit is Zero". What does this mean?

[andresu13]

I purchased an EV in 2024 and the $7500 credit was transferred to the dealer at the time of purchase. I got a message in TurboTax online saying that the "Total Personal Portion of your New Clean Vehicle Credit is Zero". My MAGI is under $300,000 (married filling jointly).

Does it mean we don't qualify for the credit and need to return the $7,500? or that the credit was already applied when it was transferred to the dealer and therefore there is no "credit" given in this tax return? The message is confusing. Thanks!

[Vanessa A]

No.  When it says your total personal portion of the EV credit is $0, this means you already transferred the amount to the dealer and cannot claim more of a credit when filing your return.  If you were not eligible and had to pay the credit back you would see your tax due jump or your refund drop by the amount of the credit you claimed at time of sale.  

[andresu13]

Thanks @Vanessa A .

Where can I see if my tax due went up or my refund dropped? I was able to see that number live in TurboTax Online in previous years (number went up or down as I was adding income, deductions, etc) but I can't see that anymore. Where do I see that? Thanks again!

[SusanY1]

For accuracy and simplicity, TurboTax no longer displays this as you go, but you can still choose to view the number at any time following these instructions.