Asked by T
ia is filing single. She purchased a new clean energy vehicle on August 15, 2024. The qualified manufacturer suggested retail price (MSRP) is $49,999. The vehicle meets both the battery component and the mineral component requirements. She met all the other qualifications. Her modified adjusted gross income for 2024 is $139,500. What is the maximum credit available under the rules for the New Clean Vehicle Credit?
$2,500
$3,751
$4,000
$7,500
All Answers 1
Answered by
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AI
$7,500.
Reason: The new clean vehicle credit is up to $7,500 — $3,750 for meeting the critical‑minerals requirement and $3,750 for meeting the battery‑components requirement. Her MAGI ($139,500) is below the $150,000 single limit and the MSRP ($49,999) is below the applicable cap, and she met the other requirements, so she qualifies for the full $7,500.
Reason: The new clean vehicle credit is up to $7,500 — $3,750 for meeting the critical‑minerals requirement and $3,750 for meeting the battery‑components requirement. Her MAGI ($139,500) is below the $150,000 single limit and the MSRP ($49,999) is below the applicable cap, and she met the other requirements, so she qualifies for the full $7,500.
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