Mallory Vincent, CPA and Colby Ryan •
If you have purchased a new “clean vehicle” after April 18, 2023, you may qualify for a credit of up to $7,500. To qualify for the credit, your Adjusted Gross Income (AGI) must be below certain limits, which are determined by your filing status (the limits are $300,000 for married filing jointly, $225,000 for head of household, and $150,000 for all other filing statuses). You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in one of the two years, you can claim the credit.
If you have purchased a new “clean vehicle” after April 18, 2023, you may qualify for a credit of up to $7,500. To qualify for the credit, your Adjusted Gross Income (AGI) must be below certain limits, which are determined by your filing status (the limits are $300,000 for married filing jointly, $225,000 for head of household, and $150,000 for all other filing statuses). You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in one of the two years, you can claim the credit.