If we buy 3 electric vehicles in 2022, the vehicles all qualify, and we have a high enough tax burden, can we claim the $7500 x 3 = $22,500 federal tax credit?

[timmyzog]

We are married filing jointly and will be purchasing one of the cars for a 16 year old dependent

[AmeliesUncle]

Yes.

[timmyzog]

Thanks!!

[NCperson]

the mathmatical details are

- you tax is listed on Line 18 Form 1040.

- the EV credits plus any other credits ("non refundable credits") that get listed on lines 19 and 20 can not bring Line 22 below zero.

it's that simple

[NCperson]

other things to consider

1) make sure the manufacturer is eligible for the credit.  TESLAs are NOT eligible

https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit

2) check if there are any tax credits in your state.  For example, there are income limits for the STATE credit in CA. 

[SweetieJean]

General Motors cars are no longer eligible either.

[timmyzog]

Thanks.  Yes, I checked and the cars I am looking at still qualify.  We are looking at a Toyota, a Hyundai, and a Kia.  I was concerned that there was a cap related to the number of cars or that each taxpayer could only purchase one car per year.  It sounds like there is not a cap (as long as your tax owed that year is greater than the deduction.