CO tax credit for EV

Forum|Forum|1 year ago
April 2, 2025
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I received the $5,000 CO EV tax credit in my state tax return last year (2023 taxes), but now, for my 2024 taxes it says I owe money because I got too much money back. Can I deduct the $5,000 from the ‘23 return number or how do I manage this years return?

Not A Product Question

Vanessa A

The state says you owe money because of last year or the federal says you owe money because of last year?

In general, no, you cannot deduct anything like a tax credit because you owe money this year.

Did you itemize your federal return last year and you are having to add the refund to your income so now you owe? If this is the issue you are having, no, you cannot deduct the $5,000

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