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How much my salary should be to get full $7500 electric car tax credit. I file married and have 2 dependent. I am planing to but Pacifica but I want to make sure I will get full benefit of $7500
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For 2018 taxes
1) Assuming your 2 dependents qualify you for the full child tax credits:
2) Assuming you are using just the new 24,000 standard Deduction (not itemizing)
3) Assuming both parents have only W-2 income, (no self-employment income)
Total W-2 salary for both parents + interest, no capital gains to declare:
~$60,000 or less = no taxes...cannot use the $7,500 credit
~80,000 = ~$2,300 taxes to use against the $7,500 credit
~100,000 = ~$4,700 taxes to use against the $7,500 credit
~113,000 = ~$7,500 taxes to use against the $7,500 credit
For 2018 taxes
1) Assuming your 2 dependents qualify you for the full child tax credits:
2) Assuming you are using just the new 24,000 standard Deduction (not itemizing)
3) Assuming both parents have only W-2 income, (no self-employment income)
Total W-2 salary for both parents + interest, no capital gains to declare:
~$60,000 or less = no taxes...cannot use the $7,500 credit
~80,000 = ~$2,300 taxes to use against the $7,500 credit
~100,000 = ~$4,700 taxes to use against the $7,500 credit
~113,000 = ~$7,500 taxes to use against the $7,500 credit
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