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Tax credit.

302 Views 9 Replies 5 Participants Last post by  SHale
Is there anything one needs to adjust to receive the full credit? withholdings? I’m not self employed and didnt owe 3,700 last year.
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...and didnt owe 3,700 last year.
What you owe when you do your taxes in April doesn't matter.
It's your total tax liability that matters (how much you paid from each paycheck plus how much you owe at the end).
As long as that's above $7500, you can claim the whole credit for one EV.
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well, Ill just leave everything the same and see what happens next year.
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Earn more money.

Or have fewer deductions:
  • Give less to charity.
  • Stop paying your mortgage (if you have one).
  • Give any children you have up for adoption.
/s
well, Ill just leave everything the same and see what happens next year.
Look at last years taxes and see how much you paid in taxes. If you didn't get anything back last year, then it's close to the total FICA withholding from your paycheck.

You pay taxes with every paycheck. It's those taxes for which you get credit.
For some reason I owed for 2022. Even with zero withholdings
Ok I’ll see how it goes.
For some reason I owed for 2022. Even with zero withholdings
You are totally missing the point. Go look at your taxes for last year, you will find some fields close to these
Total Tax XXXX
Total Tax paid YYY
Total Tax Due ZZZ

ZZZ is what you had to pay.
XXXX is your tax and where the credit is deducted from.
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rebates are a lot easier to understand. I think I got it now, though.
For some reason I owed for 2022.
that does happen if your withholdings is not enough. Plus, if you miss by a lot (I think 10%) the IRS will require you make quarterly payments on top of what is withheld from a paycheck.
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