The exclusion under 137 for adoption expenses.
Modified AGI, or MAGI, is calculated by adding certain deductions taken back to your AGI, potentially including: If your modified AGI is below the threshold in 1 of the two years, you can claim the credit. You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. $150,000 for all other filers (including single filers).
My current year AGI might exceed 150k (as I might receive pay raise), so if I purchase eligible car in July 2023 will i be eligible for federal and state tax credit in 2024 return?įor the new clean vehicle tax credit (purchases after December 31, 2022), your modified adjusted gross income (AGI) may not exceed: Truck Credits for Electric and Plug-in Hybrid Electric VehiclesĬredits for New Clean Vehicles Purchased in 2023 or After In 2024, EV shoppers will have the option to apply their federal tax credit as a rebate instead, providing immediate savings off the purchase price of an EV.įor more details regarding the EV credits for Colorado and Federal, please visit the following links: Beginning on July 1, 2023, the Colorado EV tax credit increases to $5,000 for vehicles with MSRP up to $80,000. In Colorado, t he incentive comes in the form of a reduced tax bill and possibly a tax refund depending on your personal tax situation. You can't apply any excess credit to future tax years. Your tax liability is calculated first then IRS applies all payments (withholdings ) paid through the filing period and calculates balance due or refund due (if you paid more than your tax liability).ģ. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.Ģ. Hi If your filing status is Single or Married Filing Separately and your MAGI/AGI exceeds $150,000 in 2023, you cannot take the credit in that year but you can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less.
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