Question

Does the $7500 EV tax credit carry forward?

Forum|Forum|5 years ago
March 25, 2021
1 reply
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Bought PV and EV in 2020 and tax bill eliminated as my income dropped due to retirement. Does the EV tax credit carry forward similar to the PV system?

TurboTax Premier Online

H

HelenC12

No. For individuals, the credit can only be used to offset a taxpayer’s tax liability in the current tax year (i.e., there is no carryback or carry forward).

The credit is nonrefundable, meaning the amount of the credit cannot exceed a taxpayer’s tax liability. Source Congressional Research Service and Edmunds.

However, your state might offer a rebate or credit, if your state imposes a state income tax. To contact your state, see How do I contact my state Department of Revenue?

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