-----
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.
--------------
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
-------------
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.
----------------
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.
This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.
Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.
Top Comments
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.
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!
1.8K Comments
Sign up for a Slickdeals account to remove this ad.
Power generation is a separate topic. Oil is a depleting resource so that wont last long either
I wonder if it's mostly political and ignorant people spreading misinformation.
The only unfair thing I see about this deal is the income limit. Certain areas have a much higher cost of living than others and keeping it all the same across the board is not very fair. Average house in CA is now $1M. That's more than double the national average. How is it fair for people living in high cost areas? People making over $150k in certain parts of CA, probably couldn't even afford to buy a Tesla.
Wall connector is optional
Order fee will be credit when you take deliver of your car.
We own 3 Tesla's. Woke up fully charged, tempt automatically set at the desired level and haven't been to the gas stations in a very long time.
Tesla keep adding new cool features via over the air software updates AFTER purchased at no additional charge. Which automakers can do that?
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?
For example, let's say Bob makes $130k/yr and paid the gov't $40k in taxes. His taxes are simple, no complex things to deduct, kids, etc. He chose to withhold more when submitting his W4 to avoid owing money during tax season. He gets $2k back in returns..
Does the $7,500 add onto this, so he'd get back $9,500, or no, because the $7,500 is only to reduce "amount owed" during tax time?
If that's the case, wouldn't everyone wanting an EV be inclined to switch their W4 to withhold less so they're far in the negative for tax season?
Sign up for a Slickdeals account to remove this ad.
Same thing happen if you don't fill the gas.
"Failed to plan is planning to fail"
you're wleome.
On the other hand, I would be thrilled to see the full tax credit available again on the non-Performance 3, but according to the IRS, the credit is still $3,750. See here [fueleconomy.gov]. This is current as of 6/1, so unless something changed since yesterday (and there is no news supporting this), it sounds like an error.
Wall connector is optional
Order fee will be credit when you take deliver of your car.
We own 3 Tesla's. Woke up fully charged, tempt automatically set at the desired level and haven't been to the gas stations in a very long time.
Tesla keep adding new cool features via over the air software updates AFTER purchased at no additional charge. Which automakers can do that?
https://electrek.co/2022/06/07/ov...r-compare/
Even Ford joined Tesla's charging network because nothing else could be as reliable for their own EVs.
Even Ford joined Tesla's charging network because nothing else could be as reliable for their own EVs.
Even Ford joined Tesla's charging network because nothing else could be as reliable for their own EVs.
Sign up for a Slickdeals account to remove this ad.
For example, let's say Bob makes $130k/yr and paid the gov't $40k in taxes. His taxes are simple, no complex things to deduct, kids, etc. He chose to withhold more when submitting his W4 to avoid owing money during tax season. He gets $2k back in returns..
Does the $7,500 add onto this, so he'd get back $9,500, or no, because the $7,500 is only to reduce "amount owed" during tax time?
If that's the case, wouldn't everyone wanting an EV be inclined to switch their W4 to withhold less so they're far in the negative for tax season?
Using your example, 130k income and 38k tax liability.
Take the 7.5k off your tax liability, so your liability drops to 30.5k for the year.
NOW look at how much tax you paid (40k), and figure out how much of a refund you will get.
"Reduce the amount owed" is talking about your tax liability for the year, nothing to do with how big or small your refund is. Ultimately how much of a refund you get back in the end takes into account how much you did or didn't pay towards your liability for the year, but it doesn't change the impact of the 7.5k.
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!