If we normally receive a refund from our taxes, and we purchased a new vehicle covered in the IRA EV Credit, would that mean would not gain any benefit from the credit?

[DanaB27 · Accepted solution]

Yes, if you have no tax on line 18 of Form 1040 then you will not benefit from the EV Credit. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years (IRS).