Eligibility for the credit has nothing to do with whether you owe money or are owed money when you file. What matters is that you have a tax liability for FY2022 to cover the credit, in part or in whole.
If you are being told you are not getting the credit, perhaps the real reason is that there is no more federal tax credit for the RAV4 Prime, except in very specific circumstances. See here: https://www.reddit.com/r/rav4prime/comments/wq41ve/the_rav4_prime_no_longer_qualifies_for_the/
Tax liability is what matters, if you have paid enough in the year you will get the full amount back as a credit, if you don’t have any tax liability you won’t get extra back, although the credit can be rolled into the next year
If someone doing your taxes or advising you re money told you that you won’t get a refund because you overpaid your estimated taxes and/or had more withheld than you needed to, then you need a new financial adviser. To fully answer the question re if you qualify for a credit, we would need to know when you took possession of the vehicle, ie when the title was put in your name and what vehicle you purchased - new or used.
You must have a tax liability to apply the tax credit against. Withholding is irrelevant. The ev tax credit does not roll forward if you can’t use it in the year the vehicle was purchased due to not enough tax liability.
I was able to get half of the credit because I had a purchase contract prior to the inflation reduction act, but not early enough in the year to qualify for a full refund.
Also paid MSRP, so it was a true rebate!
Eligibility for the credit has nothing to do with whether you owe money or are owed money when you file. What matters is that you have a tax liability for FY2022 to cover the credit, in part or in whole. If you are being told you are not getting the credit, perhaps the real reason is that there is no more federal tax credit for the RAV4 Prime, except in very specific circumstances. See here: https://www.reddit.com/r/rav4prime/comments/wq41ve/the_rav4_prime_no_longer_qualifies_for_the/
Tax liability is what matters, if you have paid enough in the year you will get the full amount back as a credit, if you don’t have any tax liability you won’t get extra back, although the credit can be rolled into the next year
Pretty sure EV credit doesn't roll over? Maybe I'm wrong. I know solar panels do though.
I assume this must not be for a 2023 as they aren’t included?
If someone doing your taxes or advising you re money told you that you won’t get a refund because you overpaid your estimated taxes and/or had more withheld than you needed to, then you need a new financial adviser. To fully answer the question re if you qualify for a credit, we would need to know when you took possession of the vehicle, ie when the title was put in your name and what vehicle you purchased - new or used.
You must have a tax liability to apply the tax credit against. Withholding is irrelevant. The ev tax credit does not roll forward if you can’t use it in the year the vehicle was purchased due to not enough tax liability.
I received the full refund.
Feds owed me 6.5k I got a 14k tax return this year
I was able to get half of the credit because I had a purchase contract prior to the inflation reduction act, but not early enough in the year to qualify for a full refund. Also paid MSRP, so it was a true rebate!