What campfamily said. it's how much you owe in federal taxes that counts. For example if you only owe $5,000 in Federal income tax then you only get $5,000 of the $7,500 credit and you lose out on the extra $2,500. It does not carry over to the next year. So in order to use the full credit you must owe at least $7,500 in federal income tax. How much withholding you've had from your paycheck have no bearing. For example if you owe $7,500 in federal tax and $8,000 was withheld from your paychecks you would simply apply the tax credit and get all of your $8,000 back that you so generously loaned interest free to uncle Sam.
Last edited by triangles
on Wed Jan 03, 2018 7:13 am, edited 1 time in total.
2014 Blue Candy FFE
http://www.fuelly.com/car/ford/focus/2014/triangles/303811 (since this forum doesn't allow BBcode in sigs)