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e-News for Clean Vehicle Industry February 20, 2024
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Credits and Deductions Under the Inflation Reduction Act of 2022 Clean Vehicle Tax Credits Frequently Asked Questions About the New, Previously Owned and Qualified Commercial Clean Vehicles Credit Multimedia Center Noticias en Español Tax Scams Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Modified Adjusted Income Limitations and Disclosures When a buyer chooses to transfer a tax credit to a dealer in exchange for a downpayment at the point of sale, the dealer is not required to verify a buyer's income. However, dealers are required to disclose information about the applicable modified adjusted gross income (AGI) limits to the buyer.  Dealers are not required to repay the advance payment if the buyer exceeds the income limits. Publication 5899, Clean Vehicle Credit Transfer: Information you need to provide to the registered dealer and Publication 5900, Important Information for Consumers Transferring Clean Vehicle Tax Credits provide an overview of information that is needed from the dealer and buyer at the time of sale.    The buyer must attest to the dealer that he or she expects to qualify for the credit.  Buyers are not eligible for the credit if their modified AGI exceeds certain thresholds.  For new vehicle credits:  Married filing jointly or filing as a qualifying widow(er) - $300,000 Head of household - $225,000 All other taxpayers - $150,000 For used vehicle credits: Married filing jointly or filing as a qualifying widow(er) - $150,000 Head of household - $112,500 All other taxpayers - $75,000. If the buyer's modified AGI exceeds the limitation or is otherwise ineligible, the buyer will be required to repay the IRS the amount received for transferring the tax credit when the buyer files their tax return.  IRS Energy Credits Online prompts the buyer with "Buyer Terms of Agreement" which shares many of the items described above, including information regarding modified AGI limitations. This section includes checkboxes confirming disclosures occurred and provides for an e-signature.   Resources Publication 5866, New Clean Vehicle Tax Credit Checklist Publication 5866-A, Used Vehicle Tax Credit Checklist Publication 5899, Clean Vehicle Credit Transfer: Information you need to provide to the registered dealer Publication 5900, Important Information for Consumers Transferring Clean Vehicle Tax Credits Frequently asked questions for the dealer and seller Energy Credits Online registration   Back to Top         Thank you for subscribing to e-News for Clean Vehicle Industry, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS e-News for Vehicle Industry. Please Do Not Reply To This Message.

 

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