Question

Turbo Tax gave me $0 for the Used EV tax credit, but I believe I qualify for $4,000

Forum|Forum|1 year ago
February 21, 2025
1 reply
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Hello,

I followed the prompts in Turbo Tax. I am a single filer with the AGI under the thresholds (AGI of $68,000 as a retired Senior). I bought a used 2021 Chevrolet Bolt EV on March 3, 2024. I transferred the $4,000 credit to the Dealer at point of sale in 2024. Now that I am doing my taxes, Turbo Tax says I am entitled to $0 credit. The car was less than $18,000 (I know for the Used EC credit the vehicle needs to be less than $25,000) I don't see how it is doing this calculation. I am taking the standard calculation. This is the first time I bought a used EV and the first time I am claiming this credit.

Thank you for your help.

TurboTax Deluxe Online

A

AnnetteB6

If you transferred the credit to the dealer at the time of the purchase, then seeing that you are getting $0 credit when filing your tax return is accurate. You have already received the benefit of the credit when you transferred it to the dealer, presumably through a price reduction equal to the $4000 credit. So, filing it on your tax return is simply closing the loop for the IRS by confirming that you were eligible to receive the credit.

If you had transferred the credit to the dealer at the time of purchase, but then did not qualify for the credit when you filed your tax return, you would be paying that credit back as part of your tax return.

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