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
You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
lexi-camp
New Member
JackSpaniel
Level 2
NatalkaKh
Level 2
Blessed37
New Member
desmosol
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.