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How to apply for a federal tax credit on an electric car?
A month ago, I purchased a new EV, and someone told me that I could get some money back from the government. How do I apply for a federal tax credit on an electric car?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You may be eligible to receive government incentives on your new EV. To apply for a federal tax credit, you need to complete and file IRS Form 8936 with your tax return.
The first steps:
- Find out how much credit is available for your make and model.
The next steps:
When it’s time to file your tax returns, complete the IRS Form 8936 and include it with your tax returns. If you qualify for the federal tax credit, you’ll save some money on the overall costs of your electric car. It’s recommended that you fill out the appropriate forms with the help of an accountant or tax expert to avoid an error.
Another way to save when buying an electric car is to make sure you’re not overspending on car insurance. The
Jerry
app is a great place to start. Jerry, a licensed broker, does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.
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- Gregory R.
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