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You would need to Amend Your Return for 2020 in order to claim the credit. The EV credit can only be taken in the year the expense was paid.
Thank you for the quick reply. I paid more in taxes than the tax credit for which I'm applying. If I amend my 2020 tax return, can I expect to get a refund for the amount of the tax credit?
The credit covers 30% of the costs of the charger and installation with a maximum $1,000. Since it is what is called a non-refundable credit, the amount of EV charger credit you can get is limited by your tax liability as shown on line 16 of form 1040. The amount of tax liability available will first be reduced by any other higher priority credits such as child tax credit which you can see on Schedule 3 Part I. The credit not affected by any amount of refund or tax paid.
Thanks for that detail. My specific question is, if I amend my 2020 tax return, will I get a refund (I paid more in 2020 taxes than the applicable tax credit in my situation)?
@tptrojan wrote:
Thanks for that detail. My specific question is, if I amend my 2020 tax return, will I get a refund (I paid more in 2020 taxes than the applicable tax credit in my situation)?
I think so, the problem is your language is not clear to us.
Looking at your form 1040, your income tax liability (what you owed to the government regardless of withholding and estimated payments, and not counting self-employment tax) is on line 22. If line 22 is more than your energy credit, then the credit would be fully refundable. (The energy credit comes in from schedule 3, line 7, at line 20 of form 1040. Look at how your tax would be calculated if you added the energy credit at line 20.)
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