If it's just a single unmarried regular salaried employee, no kid no other business, just straight w2 standard deduction, making less than said 150k, and usually getting 1k tax refund. Will this person get 7500 from the tax return? Or, need to get the 7500 discount from the dealership, transfer this tax credit to them by signing some paper, then no need to do anything or say anything to the income tax? Or still do need to file something to IRS? Very confusing. I thought tax credit like solar panel is for people with a business and owe tax, and then tax credit will help reduce how much they owed. People with income tax withhold, don't get that benefit.
@@reikisponge your total taxes would need to be greater than $7,500 to receive the full tax credit. Doesn’t matter how much you had withheld. You would just get it back as a refund. At $150 of w2 an no other deductions or credits you should have enough taxes to get the full credit but you can look at last years return to make sure.
If it's just a single unmarried regular salaried employee, no kid no other business, just straight w2 standard deduction, making less than said 150k, and usually getting 1k tax refund. Will this person get 7500 from the tax return? Or, need to get the 7500 discount from the dealership, transfer this tax credit to them by signing some paper, then no need to do anything or say anything to the income tax? Or still do need to file something to IRS? Very confusing. I thought tax credit like solar panel is for people with a business and owe tax, and then tax credit will help reduce how much they owed. People with income tax withhold, don't get that benefit.
@@reikisponge your total taxes would need to be greater than $7,500 to receive the full tax credit. Doesn’t matter how much you had withheld. You would just get it back as a refund. At $150 of w2 an no other deductions or credits you should have enough taxes to get the full credit but you can look at last years return to make sure.
Was here to learn more about business calculations and it wasn't helpful. Wasted 16 mins.