To claim the credit for 2024, you would need to either Amend your return if you filed one or file a 2024 return if you did not. You will need the download version to amend or file the return and it will need to be printed and mailed as e-filing is closed for 2024 tax year.
The Used EV Credit is a NON refundable credit worth 30% of the purchase price up to $4,000. In order to qualify, you must meet the following criteria:
- You must NOT be the original owner
- You must NOT be claimed as a dependent on another persons tax return
- You must NOT have claimed a used vehicle credit in the past 3 years
- You must be the person who bought the vehicle for use and not for resale
- Your AGI cannot be greater than:
- $150,000 for Married Filing Jointly
- $112,500 for Head of Household
- $75,000 for all other filers
- You can use your AGI from the year you buy the vehicle or the year before if your income would qualify in one year but not the other.
For the vehicle to qualify the following has to be met:
- At least 2 years older than the current model year (for 2024 Tax Season this means a 2022 model or older)
- Must have a sales prices of no more than $25,000
- Be used primarily in the US
- Have a GVWR of less than 14,000lbs
- Cannot have been used for a used vehicle credit previously
- Bought from a dealer (cannot be a private sale)
- The dealer must report certain information to you at the time of the sale
This Credit is Non-Refundable and cannot be carried forward.
Click here to see if your make and model qualify.
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