How to Apply for EV Tax Credits: Your Comprehensive Guide for 2024
Key Points:
Planning to buy a car in 2024? Consider an electric vehicle eligible for EV tax credits to save money on your purchase. Discover how easy it is to apply and qualify for these tax credits.
Step 1: Choose the Qualifying Vehicle
- Check FuelEconomy.gov for the list of new and pre-owned EVs eligible for tax credits.
- Explore options beyond fully-electric cars, as plug-in hybrids also qualify.
- Examples include Cadillac Lyriq, Chevrolet Bolt EV, and Tesla models.
Step 2: Determine Income Eligibility
- Your modified AGI must meet specific thresholds based on filing status.
- Income limits apply for both new and used EV purchases.
- Ensure your income qualifies before proceeding with the purchase.
Step 3: Purchase and Transfer Tax Credits
- Visit a dealership and finalize the EV purchase.
- Dealerships assist in processing EV tax credits and provide discounts upfront.
- Complete necessary paperwork and keep records for future tax filing.
Step 4: File Required Documentation
Submit IRS Form 8936 along with your tax return to finalize the EV tax credit process. Enjoy the immediate discounts on your EV purchase and save on costs in 2024.
EV tax credits offer significant savings for electric vehicle buyers, making it a lucrative option for 2024 car purchases. Ensure you meet qualifications and follow the steps outlined to maximize your savings and drive home a new or used EV.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.