You will qualify based on the Modified Adjusted Gross Income (MAGI) which is the lesser of the two years. For example: You are a single filer and had a MAGI of $145,000 in 2023 but expect to make $155,000 in 2024. The single-filer limit is $150,000. Your MAGI for 2023 is the lower of the two years, and that is what you will use to determine if your income qualifies. Since one of the years is below the $150,000 threshold, your income qualifies for the tax credit.
What if you expect your income to be different this year than last year?
Related Articles:
EV taxes and highway funding: Setting the record straight
As electric vehicles become more common on American roads, so does a familiar accusation: EV drivers aren’t paying their fair share for the infrastructure they use. But that claim doesn’t hold up to scrutiny. From road wear to registration fees and how highway funding works, the facts, backed by data,[…]
The Quiet Revolution: How Tires Shape the Electric Vehicle Driving Experience
This article is sponsored by Nokian Tyres. As electric vehicles continue to redefine the automotive landscape, many drivers notice something unexpected the first time they get behind the wheel: just how quiet EVs are. At highway speeds, electric vehicles tend to be around three decibels quieter than gas-powered automobiles, and[…]
