Detailed Answer:
Step 1: Look at Line 11 on your 2022 Tax return (Form 1040).
Step 1a: For the vast majority of taxpayers this won't apply: Add to Step 1 any income from Puerto Rico you excluded, any housing exclusion foreign income you claimed (Lines 45 and 50 of Form 2555), and American Samoa residential income excluded (Line 15 of Form 4563).
Step 2: If that number is less than:
$300,000 Married Filing Jointly
$225,000 Head of Household
$150,000 Single and any other filing status
then continue to Step 3. Otherwise, you currently DO NOT qualify for any rebate, and will need to reduce that number on your 2023 Tax return below those limits. You can reduce that number by traditional 401k contributions, or some small-business options.
Step 3: Look at Line 24 on your 2022 Tax return (Form 1040).
- If it is greater than $7,500 and your income in 2023 stays the same or increase, you will get the full $7,500.
- If it is less than that, you get that amount (assuming your income stays the same). If your income increases then you may get a larger refund, up to $7,500.
In other words, in order to get the full tax credit, you must OWE at least $7500 in taxes and be under the income limits.
You absolutely CAN NOT carry over for a few years, or even one more year. It is a one time credit. Any unused credit is LOST!
Q7. Is the new clean vehicle credit refundable or able to be carried forward? (updated March 31, 2023)
A7. The new clean vehicle credit may only be claimed to the extent of reported tax due of the taxpayer and cannot be refunded. The new clean vehicle credit cannot be carried forward to the extent it is claimed for personal use on Form 1040, Schedule 3, Additional Credits and Payments.
from page 3 of this IRS document: https://www.irs.gov/pub/taxpros/fs-2023-08.pdf
* If you're concerned about battery degradation, you can take a look at this site [teslalogger.de] (Pull down the menu for Model Y LR)
* If you like to nerd out on graphs, data, and overal health of your vehicle, get a program called teslamate that can be installed on your home server. every time your car parks in your garage it will send driving telemetry data to it with pretty graphs [teslamate.org] and all.
* You can also opt to get teslausb [github.com], which can wirelessly send all your dashcam footage to your home server every time you pull into your garage.
Top Comments
EV good if you have a dedicated charging station at home.
if you live in an apartment complex or condo its not as consumer friendly, unless you want to pay up the wazoo at supercharger stations and inconvenience yourself by having to go there every time to charge. Go to plugshare.com to see how much you will be paying in your area. Just multiply cents * 45kwh (assuming you're charging from 20% to 80%). For my area I would be paying $20-$25 per charge at a supercharger station. At home, with the national average electrity rate of 0.14 / kwh, it would cost $6
if you live in california, don't forget that you can also get another $2k in CVRP rebate. you get a check in the mail but the wait time is long to get it.
also don't forget about the single occupant HOV lane decal you can sign up at the DMV website.
basic autopilot is more than sufficient. autopilot still has a long ways to go imo. definitely not worth getting the advanced AP and definitely not full self driving at $15k. as MKBHD always says, don't buy a product on a promise of features yet to come.
also, make sure you setup your electricity usage to "time of use" or EV-specific plan as your bill will assuredly go up. Don't be on those tiered plans. Yes, you will end up saving money compared to ICE vehicles paying for gas, unless you get a hybrid, which is a bit more comparable, especially in areas where electricity is expensive.
additionally, people forget that you need to install a wall connector or mobile connector in your home. equipment costs $230 for the mobile connector +$45 for the nema 14-50 adapter, which is good enough especially if you do scheduled charging at night to save on electricity. installation itself will vary depending on your region and how much electricians will charge you, but it can get expensive. just make sure you're not getting ripped off as electricians are aware of the EV craze and asking for higher premiums on them. installation can go anywhere from $1k-$2k+. (according to poster SamirPD, you can ask the electrictian to install a dryer outlet and it should save you money and prevent you from being ripped off). One worthy note, EV charger and installation is tax deductible at 30%, just need to fill out the tax form [irs.gov] when you do your taxes next year. EDIT: SD poster hiro916 indicated that the 30% tax deduction only pertains to low income or rural tract areas, so YMMV [reddit.com].
as for car insurance, I'm paying $95 a month through Geico, but thats with a robust policy.
if you are impatient like me, and want to get one right away without having to wait, go to the waitingfortesla discord server [discord.com] and setup alerts for any time a Model Y drops in your local area. You have to act quick as they get snatched up relatively quickly. You can see whats in inventory on their website too [waitingfortesla.com]. Don't expect to see base model Y LR coming into inventory. If you want to pick something up quick settle for the 20 inch induction wheels (costs $2k extra) as they are more readily available. You can always sell the tires if you want to recoup some of the costs and get an aftermarket hubcap that look better than stock anyhow.
If you're interested in a real world range comparison of current popular EV's check out this YT video [youtube.com].
once you pick up your car you have 100 miles and 7 days to report any defects. panels gaps aren't as much of a problem anymore compared to years past, but be on the lookout for them. paint quality isn't so great out of the factory, mine came with swirl marks all over and had to get it paint corrected.
if you're concerned about battery degradation, you can take a look at this site [teslalogger.de] (select dropdown and look for Y LR AWD US to see the average degradation over time based on mileage. on average after 50k miles you should see about a 10% degradation, and it will degrade more slowly 50k+ miles onwards.
in terms of accessories, the only real requirement imo that you need are mud flaps. reason being is because without them, the rear passenger quarter panels will get hit with rock chips very quickly. tesmanian is a good aftermarket seller, or you can just opt for ones you see on amazon. if you want to go deeper into accessories temu is a great site for low prices compared to amazon.
if you like to nerd out on graphs, data, and overal health of your vehicle, get a program called teslamate that can be installed on your home server. every time your car parks in your garage it will send driving telemetry data to it with pretty graphs [teslamate.org] and all.
you can also opt to get teslausb [github.com], which can wirelessly send all your dashcam footage to your home server every time you pull into your garage.
my personal thoughts on ownership thus far. overall i like it. i am using it as a daily driver / commuter car. i don't think of Model Y and 3 as a 'luxury' vehicle. I see Tesla as a software company trying to be an automaker, and the legacy automakers are trying to be more like Tesla by being more tech focused. Teslas are continuously getting software updates to improve year over year. Interior build quality is spartan, and the ride quality need some improvement, especially if you are in an area with poor road conditions. if you're really into tech like me, this is the car for you. Performance vehicles I still prefer ICE cars over EV's however. first thing you will notice in an EV though, is the instant torque. that is what will grab you immediately.
If you have questions and need instant feedback join the Tesla discord, I'm active on there and other members can assist with questions you may have: https://discord.com/invite/tesla
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This speaks to the credibility of Tesla. They sell you something, then disable it and ultimately completely unplug it altogether. Not giving the user a choice. I have never ever heard of that, so it is worth noting for potential customers.
Again- the car this thread is about does not come with that sensor at all
Which part of that sentence is too confusing for you?
Like I explained the first time.
The post makes perfect sense, you are are, either intentionally or out of ignorance, ignoring where the reason is explained to you.
Again- the sensor has not been used by the vehicle in over a year.
You've yet to explain what the actual problem is with them unplugging something that is serving no purpose but to waste power.
it's yet more pearl clutching nonsense FUD from you.
Which is all you ever post in EV threads.
Anyone buying a Tesla today does not even have this thing to BE disconnected in the first place
Like you've been told 3 times now but still keep pearl clutching about it.
Which part of that sentence is too confusing for you?
Discussing the manufacturer or reseller, vendor etc. is part of SD threads.
Their past practices as well as current and customer service, etc.
The good, the bad and the ugly.
Like I explained the first time.
The post makes perfect sense, you are are, either intentionally or out of ignorance, ignoring where the reason is explained to you.
Updating the software to no longer use the data from the sensor does not physically disconnect it from a power source my dude.
Just issue a shut command to shut the port down. No power will be drawn and it is like nothing connected.
Oh, wait, they can't do that? C'mon
You've yet to explain what the actual problem is with them unplugging something that is serving no purpose but to waste power.
Anyone buying a Tesla today does not even have this thing to BE disconnected in the first place
Like you've been told 3 times now but still keep pearl clutching about it.
Now cue your reply, I know you can't help yourself and feel like you need to get the last word in
Their past practices as well as current and customer service, etc.
Ok... even if we take that as true, you've throwing a tantrum over something there's nothing actually wrong with them doing.
Once again your complete ignorance of the thing you're trying to discuss rears its ugly head.
If it's plugged in, it draws power. There is no "physically disconnect yourself from power" command.
How is this so hard for you to understand?
For one, you don't own a Tesla at all--- you just go into Tesla threads, for years now, and crap all over the place with FUD.
For another, even for the people who DO own a Tesla- they paid for the features that used to use radar to determine distance and speed of objects.
That same features are still there but now use vision to do so. And that same feature set continues to be sold today in cars that never came with a radar sensor to unplug in the first place.
That old radar sensor hasn't been used in any new car (or any old one either) in over a year but you still have the features you actually paid for.
Another example of you not understanding a single thing about the actual thing you're discussing.
If you think otherwise, please explain specifically what a Tesla in 2023 "loses" by unplugging it's radar.
(Spoiler: it's literally nothing other than losing a useless power drain)
BTW since we're apparently just posting ANY Tesla info here not just about the Y-
https://www.tesla.com/model3/design#overview
Tesla now states all trims of the Model 3 qualify for the full $7500 credit (previously only the Performance model did).
This gets the cheapest Model down under 30k in states with significant state tax credits, and as low $27,440 in say Colorado, the long-range model down below 40k BEFORE state incentives (so under 35k in the best of em), and even the Performance model under 40k in a few states.
I took advantage of the additional discount for inventory vehicles and picked up a model S LR.
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For anyone still confused about how tax forms and the credit work:
The overly simplified way to consider this is look at line 16 of the 1040 without any non-refundable credits considered yet... That is your initial tax burden.
You can reduce that amount, dollar for dollar, for all non-refundable credits available including the $7500 EV credit and the $400 non-refundable part of any CTC you qualify for.
If you get to 0 and still have non-refundable credits, you lose the overage but all refundable credits become the start of your refund amount.
If you still aren't at 0 you can now reduce that amount, dollar for dollar, for all refundable credits.
If you get to 0 and still have refundable credits you DO NOT lose that overage- it becomes the initial amount of your refund.
THEN, and ONLY THEN, would you look at your withholdings at all
If you were already at 0 with the above then you take your total withholdings and add 100% of it to your refund
OR
If you never reached 0 after all those credits, you reduce the remaining tax burden dollar for dollar until you reach 0 any remaining withholdings is your refund.
If you STILL don't hit 0 by the end of withholdings, that's your tax bill.
https://teslaprep.glide
ev6 v ioniq 5 v model y
Discussing the manufacturer or reseller, vendor etc. is part of SD threads.
Their past practices as well as current and customer service, etc.
The good, the bad and the ugly.
Just issue a shut command to shut the port down. No power will be drawn and it is like nothing connected.
Oh, wait, they can't do that? C'mon
Again- it is something that I paid for! Now they take it away. If you want to call that pearl clutching,
Now cue your reply, I know you can't help yourself and feel like you need to get the last word in
Edit: Also I've seen all your posts where you act like you have the mentality of a child. I don't give a flying shit what you might need to say back to me. You're not going to get a response. Please in the future use all your energy doing something pointful. A hike or calling your family might be all you need to pull the stick out of your dry ass!
Some says, Line 24, some says Line 37.
What if line 37 is empty because most/all of the tax was paid upfront as part of paycheck (total paid taxes in advance, Line 33)
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If you wanna know why Tesla is the benchmark as the pioneer of smart cars, Ford CEO Jim Farley explains it nicely here:
https://twitter.com/WholeMarsBlog..
TLDR: Sofware is king, and the century old legacies don't have that in their DNA.
The good old "Nokias in the age of iPhone" phenomenon happening in cars today.
Ford CEO realized this to his credit, and is working to try to catch up.
It's also nice to kick stealerships out of the equation, I no longer get sick to my stomach about dealing with stealership BS when I go shopping for the next car, thanks to direct sales models that new car companies like Tesla are bringing to the table today.
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