Questions, and did you "receive" the full $7,500 tax incentive?

[wycolo]

If you only have $4500 in liability, that's true. You'll get a refund if you had more in $4500 tax liability, which would be the case for most people.

I.e. you don't have to owe the IRS come tax time to make the credit work.

?? I chose 4500 as an arbitrary figure; it is not a break point.

You have to owe the Treasury 7500 or more (Line 46) to get your full 7500 credit. This is for an entire Tax Year which is the accounting unit for US Income Tax, not some point in time. Estimated taxes have nothing to do with either the 7500 credit calculation or completing Line 61 Total Tax (form 1040). Line 61 is your 'bottom line' for the Tax Year. So I have no idea what your point is.

Best and simplest way to tax plan is just print up some 1040 forms and pencil in as the tax year progresses. Especially when you are planning charitable deductions or taking capital gains; if you overdo these you can 'lose' money to the Treasury.
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[liuping]

You have to owe the Treasury 7500 or more (Line 46) to get your full 7500 credit. This is for an entire Tax Year which is the accounting unit for US Income Tax, not some point in time. Estimated taxes have nothing to do with either the 7500 credit calculation or completing Line 61 Total Tax (form 1040). Line 61 is your 'bottom line' for the

Correct. it really is pretty easy, especially given the EV credit is not affected by AMT (that always complicates things)

If your line 61 (without considering the EV tax credit) is greater or equal to $7500 you will be getting the whole $7500 credit, period.

Whether you get an actual $7500 refund check one April 15th, is dependent on how much tax you've already paid, via Payroll withholdings or estimated tax payment.

It seems obvious, but I've talked to many people smart who don't quite understand it for some reason. Probably partly due to confusing and/or incorrect info they read on forums like this

 

[YoteDown]

Anyone know if you can use the tax credit to write off past tax liability? Say if you owe the IRS $4000 for 2013 but you had $3500 in debt from the previous year, would the credit wipe out the previous year as well?