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Its your call. Ultimately, the decision about whether to purchase an electric vehicle in 2024 rests with you. It doesnt hurt to test drive a few and price them out to see what fits in your budget. But dont make any decisions until the government publishes its list of which vehicles qualify for tax credits in 2024.
If you purchased a qualifying plug-in EV or clean vehicle during the required timeframes (either after December 31, 2009, through December 31, 2022, or January 1, 2023, through December 31, 2032), you can claim the respective credit by filling out Form 8936 and attaching it to your Form 1040 when you file your tax
You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.
Nonrefundable tax credits lower your tax liability by the corresponding credit amount. The tax benefit, which was recently modified by the Inflation Reduction Act for years 2023 through 2032, allows for a maximum credit of $7,500 for new EVs, and up to $4,000, limited to 30% of the sale price, for used EVs.
For new clean vehicle purchases in 2023 and beyond, your modified adjusted gross income (MAGI, see here for details ) for either the current year or prior year must be: $300,000 or less, if you file taxes jointly with your spouse or are a surviving spouse. $225,000 or less, if you file taxes as the head of a household.
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People also ask

Earned Income Tax Credit For the 2024 tax year, the EITC is $632 for no children, $4,213 for one child, $6,960 for two children and $7,830 for three or more children. Also, the EITC is not allowed if the aggregate amount of investment income exceeds $11,600.
2024 EV tax credit point of sale Beginning January 1, eligible consumers can take the federal EV tax credit as a discount at the point of sale when they purchase a qualifying vehicle. In essence, if you transfer the 2024 EV tax credit to the dealer, they can reduce the price of the vehicle by the credit amount.
In 2024, taxpayers can opt to either claim the tax credit on their federal returns or transfer the credit to the dealer to lower the price of the car by the credit amount. The Inflation Reduction Act officially renamed the credit the clean vehicle credit.

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