EV Tax Credit Calculator

Up to $7,500 for new EVs and $4,000 (or 30% of sale price, whichever is less) for used EVs, under IRA Section 30D and 25E. The new-vehicle credit splits in half: $3,750 for critical minerals sourcing requirements and $3,750 for battery component requirements. Vehicles must have final assembly in North America and meet evolving sourcing rules.

For NEW EVs: modified AGI must be at or below $300,000 MFJ, $225,000 HoH, $150,000 single. For USED EVs (Section 25E): $150,000 MFJ, $112,500 HoH, $75,000 single. You can use current-year or prior-year AGI, whichever is lower - useful if income spiked. Leased vehicles bypass the income cap entirely (the leasing company claims the commercial credit and passes savings via lower payments).

Yes. New SUVs, trucks, and vans must have MSRP under $80,000; cars/sedans under $55,000. Used vehicles must sell for under $25,000 from a licensed dealer (not private party). The IRS publishes a current list of qualifying vehicles at fueleconomy.gov.

Yes - starting January 2024, you can transfer the EV credit to the dealer at point of sale to receive it as an immediate discount. This works even if you owe little federal tax. If you transfer and later turn out to exceed income limits, you must repay the credit. Verify income eligibility carefully before transferring.