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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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https://electrek.co/2022/06/07/ov...r-compare/
If you actually read the link it mentions most car makers "OTA" is just things like map/infotainment updates.... VERY few offer any OTA capabilities beyond that.
The post you replied to was specifically about adding new features to the car-- not just updating the maps.
For example my Tesla has actually got multiple performance increases over the air.
The ADAS/self-driving software updates often over the air.
Tesla added a bunch of safety features including cabin overheat protection, dog mode, and significant improvements to emergency braking OTA.
These (and many more) remain things most car makers simply can not do on ANY of their cars today--- and only a very few others can do some of these on a very few models.
This is a fundamental difference, because Tesla owns the entire process and writes all their own firmware and software.
Most legacy car makers farm this stuff out to a slew of different vendors with no coordination between them... so Bosch might write their ABS software, Mobileye might write their ADAS software, some other team might write their climate control software, and yet another writes their infotainment stuff, and so on.... and the car maker has direct control or ability to change almost none of it.
Some are TRYING to fix this.... But it's not a core competency and they're generally doing badly at it--- VW famously has set billions of dollars on fire trying to learn how software is actually done and utterly failed at it so far (they most recently fired almost everyone in charge of their massive money-losing software division for being years behind figuring out how to do anything... and not the first time they had to fire the people in charge for incompetence)
https://arstechnica.com/cars/2023...hip-again/
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.
With this understanding, there is no advantage to owing more money at the end. With this example, he'd still be getting the full $7,500 whether it be in the form of a check (withheld more) or a subtraction to what's owed (withheld less). The only advantage to withholding LESS that I can see, is doing quarterly filings to disperse the $7500 throughout the year.
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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.
So according to 2023 tax brackets to be used when we file tax returns next year, as long as you make at least ~$70k (with following assumptions to make calculations easier: no other non-refundable tax credit, single filer standard deduction, no 401k contributions) you'll be able to take advantage of the full $7,500 EV tax credit, because your tax liability will be at least $7,500.
M3 = BMW M3
Maybe abbreviate Tesla Model 3 to TM3 to avoid confusion.
For example my Tesla has actually got multiple performance increases over the air.
The ADAS/self-driving software updates often over the air.
Tesla added a bunch of safety features including cabin overheat protection, dog mode, and significant improvements to emergency braking OTA.
These (and many more) remain things most car makers simply can not do on ANY of their cars today--- and only a very few others can do some of these on a very few models.
This is a fundamental difference, because Tesla owns the entire process and writes all their own firmware and software.
Most legacy car makers farm this stuff out to a slew of different vendors with no coordination between them... so Bosch might write their ABS software, Mobileye might write their ADAS software, some other team might write their climate control software, and yet another writes their infotainment stuff, and so on.... and the car maker has direct control or ability to change almost none of it.
Some are TRYING to fix this.... But it's not a core competency and they're generally doing badly at it--- VW famously has set billions of dollars on fire trying to learn how software is actually done and utterly failed at it so far (they most recently fired almost everyone in charge of their massive money-losing software division for being years behind figuring out how to do anything... and not the first time they had to fire the people in charge for incompetence)
https://arstechnica.com/cars/2023...hip-again/
You are clearly very bias here. You are in the Chevy thread shilling for Tesla and here. I do not care one way or the other and have ZERO loyalty to a billion dollar company. I am glad you like your car and presumably have TSLA stock. Of you do then you should disclose that because you are giving information that as stated is clearly bias, and a lot of it in different threads. That is corporatism and problematic across the internet.
Again, I am glad you like your car. I have a car as well however I have ZERO interest in shilling for the company (it may even be a Tesla!). I strongly disagree with your posting bias information frequently and as "advice". I find it unethical and a growing problem across the internet where people personally identify with brands and feel a need to defend/advertise/infoshill for them. For those reasons I am not comfortable discussing anything with you on the matter further.
It's 38k + delivery + fees + tax.
Rebate wont reduce the total amount of taxes you'll pay for the car. Nevermind the fact you need a wall/mobile connector and charger that is also taxed.
This is a 41k before taxes and 44.5k after taxes(not counting dmv fees). 44.5k - 7.5k = 37k.
30k + taxes is 32k. HUGE difference
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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.
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