2023 EV Tax Credit
Let's assume that for all of 2023, based solely on my income, I should be paying a total of $10,000 in federal tax. However, only a total of $8,000 in federal tax has been deducted from my paychecks during all of 2023. I also bought and took delivery of a car that qualifies for the $7,500 nonrefundable tax credit in 2023. Would I get $5,500 ($7,500 tax credit minus the $2,000 I still owe) back when I file my taxes in 2024 since the total amount I would have owed was $10,000? Or would I get nothing back since the $2,000 I still owe is less than the $7,500 tax credit amount?
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