How to get federal tax credit for electric vehicles?
To get a federal tax credit for electric vehicles, there are a few steps you need to follow. First, make sure that the electric vehicle you are purchasing qualifies for the tax credit. The IRS provides a list of eligible vehicles on their website. Next, you will need to complete IRS Form 8936, which is the Qualified Plug-in Electric Drive Motor Vehicle Credit form. This form will help you calculate the amount of your tax credit. Once you have completed the form, you can then include the amount of the credit on your federal tax return. It's important to note that the tax credit is non-refundable, so it can only be used to offset any federal income tax you owe. If you don't owe any federal income tax, you may not be able to take advantage of the credit. Additionally, the tax credit is subject to phase-out limits based on the number of electric vehicles sold by the manufacturer, so it's important to check the current status before making a purchase.
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