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Tax deductions have nothing to do with it. The tax credit will reduce the taxes that you owe (you are working and earning income aren't you) up to $7500.Is it possible to buy a new Volt and have the dealer take off the $7500 tax incentive? I don't have enough tax deductions to take advantage of the incentive but I hate to leave it on the table. My only other option is to buy used where the tax incentive has already been used. Appreciate any and all feedback.
Look at line #44 on your last tax return. The amount on that line will be reduced by up to $7500 and you get the difference back as a refund.