To claim a tax credit on a used electric vehicle, you must meet certain income limits, which are based on your Modified Adjusted Gross Income (MAGI). Here are the income limits for different filing statuses:
- Married Filing Jointly or Surviving Spouse: $150,000
- Head of Household: $112,500
- All Other Filers: $75,000
You can use your MAGI from the year you took delivery of the vehicle or the previous year, whichever is less, to qualify for the credit. The tax credit for a used eligible vehicle can be up to $4,000, provided the vehicle costs $25,000 or less and meets other eligibility criteria.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-income-limits-for-claiming-a-tax-credit-on-a-used-ev/
