In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?
In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?
Chapter9: Deductions: Employee And Self- Employed-related Expenses
Section: Chapter Questions
Problem 4DQ: In 2017, Emma purchased an automobile, which she uses for both business and personal purposes....
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![In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets
both critical mineral and battery component requirements to qualify for the New Clean Vehicle
Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He
determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean
Vehicle Credit Victor can claim on his Federal tax return?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffac4b1b8-6a1a-44ad-8899-9e3dc5acdbbf%2F8fa33935-6493-4aeb-a82f-872af10fd267%2Flxj4nv8_processed.png&w=3840&q=75)
Transcribed Image Text:In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets
both critical mineral and battery component requirements to qualify for the New Clean Vehicle
Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He
determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean
Vehicle Credit Victor can claim on his Federal tax return?
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