If I make $100,000 gross income in 2022, filing single, and live and work in NJ, how much federal tax liability would I have using the standard deduction? I want to know if I can claim two $7500 tax credits within the same year (using the old credits pre-IRA).
Will I have $15,000 in federal tax liability?
@KP1017 - by the way, if you are using the old credits, that suggests you already own these cars or have a written binding contract dated prior to August 16th, right? otherwise, you are subject to the new law......
@KP1017 - cars purchased after August 14 must be quailified under the new law..... suggest checking with the dealer - I think there is a battery manufcaturing requirement and there is an MSRP requirement ($55,000).
Yes I already checked. MSRP cap and battery requirements don't take in effect till 2023. Only thing that changes from now till year end is the requirement for the vehicle to be built in NA.
@Critter-3 - the income limitation is based on (M)AGI, for simplicity for the time being, let's take that as AGI. the taxpayer's income must be below these thresholds in either the current year or the prior year. Congress created a 'gimmie' in that if this year's income exceeds the threshhold, you can still look back to the prior year to see if you qualify.