Acoustic71
Well-Known Member
As per the current regulations, here's link to the form that should answer most of the questions forum members are asking. Fill it out, based on your last year return, and you may find some surprising answers.Watch this tax credit plan closely, under current requirements the $80K cap does not apply. The current tax rebate is however, non-refundable. I had personally missed this caveat when accounting for the $7,500 credit into any financial planning. What it means is that you will have to owe at least $7,500 in federal taxes to be able to take full benefit of this tax credit. I never owe taxes so for my scenario, it greatly changes my strategy for the rest of this year.
IRS Form 8936
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