What does the Inflation Reduction Act of 2022 mean for my taxes?
Here’s what you need to know about provisions in the Inflation Reduction Act of 2022 that can save you money on taxes:
Vehicle: You may be eligible for up to a $7,500 tax credit for purchasing a new electric vehicle if you purchased the vehicle prior to September 30, 2025. Also in 2025, you can claim the federal Alternative Fuel Vehicle Refueling Property Credit, which covers 30% of the cost of installing an electric vehicle (EV) charging station at your home, up to a maximum of $1,000
Home: If you purchase energy efficient items like solar panels, solar water heaters, windows, doors, and skylights for your home, you may be able to take a tax credit for 30% of your purchase.
Healthcare: Subsidies for health insurance purchased from the Health Insurance Marketplace that were expanded in 2021 and 2022 are extended to the end of 2025. If you didn’t receive enough subsidy based on your income when you purchased health insurance in the Health Insurance Marketplace, it can be a premium tax credit when you file your taxes.
Check out the TurboTax blog for more details.
