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To avail Tesla Tax credit, Do I have to owe taxes at the time of filing returns? or is it on top of the refund that I get?

Forum|Forum|3 years ago
May 14, 2023
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Best answer by Critter-3

This can be confusing to non tax pros so look at your 2022 tax return form 1040 line 18 ... this was your 2022 tax liability that could be negated by the EV credit on line 20. Amounts in the PAYMENT section (like withholding) are immaterial to how much EV credit you can use.

Hal_Al

Employee

You have to owe taxes (have a calculated tax liability) at the time of filing a return.

The credit is non-refundable, so you won’t get a refund for the unused portion of it. In addition, you can’t carry the credit over to your next year’s return.

Refrence: https://www.hrblock.com/tax-center/filing/credits/electric-vehicle-tax-credit/#:~:text=The%20credit%20is%20non%2Drefundable,to%20your%20next%20year's%20return.