If the tax return for the year of purchase or lease has not yet been filed, the most recently-filed tax return within two (2) years of the year of vehicle purchase or lease will be requested for income verification.
For applications submitted using the 2022 or 2023 tax year, we will review the following sections of your federal tax return, as reflected on your IRS tax transcript, to help determine gross annual income:
- IRS Form 1040: Sum of lines 1–7. Line 9 is not used to calculate total gross income for the Rebate Plus option; and (if applicable),
- IRS Form 1040 Schedule 1: Sum of lines 1-8. If Line 8, “Other Income,” is negative, it will not be included as part of your income calculation, unless an exception applies. If Line 8 on Schedule 1 is negative, the corresponding “Statement” filed with your 1040 must be provided. Net operating losses carried over from previous years are not an exception.