For the federal EV tax credit, income limits differ between new and used electric vehicles:
New EV Tax Credit Income Limits (2024–2025)
- Single filers: Modified AGI ≤ $150,000
- Married filing jointly: Modified AGI ≤ $300,000
- Head of household: Modified AGI ≤ $225,000
- Other filers: Modified AGI ≤ $150,000
Modified Adjusted Gross Income (MAGI) is based on the lesser of the tax year you purchase the vehicle or the prior year.
Used EV Tax Credit Income Limits (IRC 25E)
- Single filers: Modified AGI ≤ $75,000
- Married filing jointly: Modified AGI ≤ $150,000
- Head of household: Modified AGI ≤ $112,500
Both credits require vehicles to meet battery sourcing and price requirements, with used EV credits capped at $4,000 and new EV credits up to $7,500.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-income-limits-for-the-federal-ev-tax-credit/
