I have have a projected federal tax liability of 10000 for 2018, with a tax with holding of 12000 by my employer. Under normal circumstances, I would be due back a tax refund of 2000.
If I buy an EV car before the end of the year (eligible for 7500 tax credit), will I actually get back 9500 instead ?
Yes (assuming you otherwise qualify for the credit and your projections are accurate).
One slight 'catch' is that you must be talking about a projected federal income tax liability of over $7500. The credit can not offset other taxes (such as Self Employment tax) or penalties.
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