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To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
Federal EV Tax Credit is not refundable, which means one must have federal tax due to take advantage of it. If the tax due is less than the credit amount, one can only claim the credit up to the amount of the tax due.
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Here's how cheap you can get a new Model 3 RWD right now (including fed & local EV incentives):
• VT: $26,320
• MA: $26,830
• PA: $27,330
• MD: $27,330 - Delivered after July 1, 2023 https://marylandev.org/maryland-ev-tax-credit
• RI: $27,820
• DE: $27,820
• NY: $28,320
• CA: $28,330
• CO: $28,330
• CT: $29,030
• ME: $29,320
on top of above info federal, state and local incentive info that i posted , some employers are also providing ev incentive like exaple bank of america employees gets $5k incentive , in this case the best case scenario is like below
example scenario
• VT: $26,320 - $5000 bank of america employee ev incentive = $21,320
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CA CLEAN VEHICLE REBATE PROGRAM
$2K is available if your household makes <$200k.
There is an increased rebate of $7500 ($5500 on top of the $2k) available if you fall below income caps based on your household size.
Family of 4 max is $111k, Family of 6 is $149k.
This comes in the form of a check in 2-3 months. https://cleanvehiclereb
This is separate from the CARB Clean Vehicle Grants described below the dashes. It is possible to qualify for both, but the timing is different.
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And California residents that live in a disadvantage community (DAC) https://cleanvehiclegra
Disadvantaged communities are determined using CalEnviroScreen (https://oehha.ca.gov/calenviroscr...
here's the DAC map: https://oehha.ca.gov/calenviroscreen/sb535
And receive an Approval Letter through email.
You must receive an Approval Letter BEFORE you purchase a vehicle. We do not offer rebates and you cannot redeem a grant if you have purchased a vehicle before being approved.
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https://www.tesla.com/model3/design
Deal is even sweeter if you live in a state with additional credits:
VT: $26,320
MA: $26,830
PA: $27,330
RI: $27,820
DE: $27,820
NY: $28,320
CA: $28,330
CO: $28,330
CT: $29,030
ME: $29,320
Full tax credit details below, but the following income limits apply:
$300,000 for married couples filing jointly
$225,000 for heads of households
$150,000 for all other filers
https://www.irs.gov/credits-deduc...3-or-after
Withholding is totally irrelevant to qualifying for the credit.
If you're unclear on this go read a 1040.
The part where you compute tax liability is lines 16 through 24.
THAT is where the $7500 EV credit comes off.
Your withholdings aren't even looked at until after that on line 25+
This is also not correct.
The Child Tax Credit is worth a maximum of $2,000 per qualifying child. Up to $1,600 is refundable for the 2023 tax year.
Refundable credits are computed AFTER non-refundable ones-- so the CTC is only "worth" $400 off your tax burden for these purposes- the $1600 left is refundable.
Thus if you had say $7900 in tax burden and one CTC and one EV credit, your tax burden would go to $0 and you'd get a full refund of the $1600 refundable part of the CTC
Source:
https://www.nerdwallet.
1,792 Comments
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Our community has rated this post as helpful. If you agree, why not thank plflorence
WA charges sales tax only on the portion of the cost of the vehicle that's exceeding $20k
Our community has rated this post as helpful. If you agree, why not thank euuser230056
WA charges sales tax only on the portion of the cost of the vehicle that's exceeding $20k
No sales tax on EVs, It was in response to list that omitted it, thought it would be clear. I guess not for everyone.
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Our community has rated this post as helpful. If you agree, why not thank slickjunkie2
Good luck with that mind set.
Oh wait, the Tesla cars sold in the US are made in the US by US workers... what about supporting them?! Or do you own a foreign made car?
If you lease a Tesla you have no option to buy it. At all. Not at the end, not early.
That's one of the items you specifically complained about in the post I replied to.
So now it's twice you appear to be arguing with... yourself.
Did you not read your own source link to know it said what I quoted it saying or something?
So I guess that confirms- no, you did not read your own source
So basically, would I subtract the tax credit amount to line 24 (total tax) and then subtract from line 33 (total payments)? So if you normally receive tax refunds, you would essentially add $7500 on top of what you normally would get refunded? Am I understanding this correctly?
There is sales tax for the portion that exceed $20k however until July 31, and it will be the portion that exceed $15k after.
So if the car is $37000, you will still pay the sales tax on the $17000 portion
There is sales tax for the portion that exceed $20k however until July 31, and it will be the portion that exceed $15k after.
So if the car is $37000, you will still pay the sales tax on the $17000 portion
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