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September 28, 2022
Question

Ev credit carryover

  • September 28, 2022
  • 1 reply
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I purchased an EV last spring which I will claim the tax credit for 2022.   I have ordered another EV which should qualify for the credit and may be delivered before the end of this year.  My question is this: Since I am already claiming a credit for the first car, can I carryover the credit for the second car to the 2023 tax year?  We're retired and don't have enough tax liability to claim credit for both cars for 2022.

    1 reply

    Critter-3
    September 28, 2022

    NOPE ... both credits are non refundable so if you don't have enough federal tax liability to fully use up the EV credit on the 2022 return the unused amount is LOST.    So either increase your 2022 tax liability (maybe convert a traditional IRA to a ROTH)  OR  don't buy the second car until 2023.