You claim the purchase on your tax return and it reduces your taxes $7,500

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Feb 1, 2023
4:00:53pm

JamieTartt All-American

of course, you must have at least a $7,500 tax liability to get that amount.

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JamieTartt

Previous username: Taccoug
Bio page: JamieTartt
Joined: Aug 14, 2016
Last login: Apr 18, 2024
Total posts: 6,877 (8 FO)

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Messages

Author

Time

If you want the $7500 tax break for a PHEV purchase, do you have to withhold

ldssdl

2/1/23 2:02pm

No. But you do have to have the tax liability.

byubyu

2/1/23 2:03pm

Yeah i was thinking about this. Might be worth it to remove any deductions

Heath Squashwell

2/1/23 2:04pm

I don't believe changing deductions makes any difference.

Seabag

2/1/23 3:25pm

I guess I'm unclear on what non-refundable means

Heath Squashwell

2/1/23 3:29pm

That's the same questions I had.

Seabag

2/1/23 3:44pm

You are correct

JamieTartt

2/1/23 4:04pm

Say I qualify for a child tax credit and actually got money back this year...

IGlowInTheDark

2/4/23 8:23am

You need to look at you tax liability. Not what you might have gotten back.

byubyu

2/4/23 8:31am

<< Deleted >>

dYrtbYkerYder

2/1/23 2:05pm

You claim the purchase on your tax return and it reduces your taxes $7,500

JamieTartt

2/1/23 4:00pm

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