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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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Highland is right around the corner and pretty soon you'll have an outdated looking frog car.
But I guess there are some people who buy iphone 13's when the 14 is available.
If you look at actual reliability like motors/batteries, then Tesla usually comes out towards the top.
Highland is right around the corner and pretty soon you'll have an outdated looking frog car.
But I guess there are some people who buy iphone 13's when the 14 is available.
The scam is using tax payers money for this nonsense that is polluting as much as ICE cars
Yet nobody is outraged that instead of using the funds for meaningful social programs we use it on EV cars . EV cars that cant tow, cant off road, cant give you the range for cross country trips.
You are just upset he is biting the hand that fed him and he doesnt pander to the left
And now he just rented his charging station to Ford. And he is selling EPA credits to big ones ( Mopar ) so they still make V8 ICE trucks. He is taking advantage of tools given to him by some that were too eager to push an agenda without a good planning
Like it or not he is playing a rigged game and he wins.
Every new car sold in the US is charged a destination fee to the buyer as required by federal law.
I already cited part of the law that might explain it back on like page 2 or 3 of the thread... there's a couple of possible ways, but that's one of them (essentially the law allows you to average sourcing across all cars of a specific model made in the same factory-- and since the required % is only 40-50% this year it's possible for them to qualify for the full credit this way for a chunk of the year.)
Grossly false.
ICE cars catch on fire far more often than EVs.
And Hybrids, as always, are the worst of both worlds, catching on fire even more often than ICE.
The updated info from Tesla about them qualifying was published on 6/2.
The IRS gets their info from the car makers who all have to certify to the IRS what qualifies and how much-- so IRS has not updated the website yet to reflect the new info from Tesla
This, too, is wrong. A sedan over 55k gets nothing - it's a hard price cap.
There is no set of options that can put the RWD Model 3 above that cap (software options do not count toward the price for tax credit purposes federally)
The last price change on the base Model 3 was actually a $250 increase
Tesla adjusts prices multiple times a year to reflect various things- but sales continue to increase every quarter-- for years and years now.
From the bolt thread currently going on it appears it is....very challenging...to find a base model Bolt that doesn't have 10k or more of dealer markup.... If you ARE able to find one (and you're ok with the base model) then the price difference is worth considering.
If you're only able to find heavily optioned or marked up ones, perhaps not so much.
Outright false-- debunked not just by EPA testing but owners right here in the thread (and tons of other places)
Your refund is not informative. Look at line 16 of your 1040. Whatever that number is, the $7500 EV credit reduces it dollar for dollar until you run out of credit or you hit 0. If you have any OTHER non-refundable credits those would do the same.... and if you hit 0 and still have non-refundable credit left over then you lose the remainder.
Your withholdings, and refund, aren't even considered until later on the tax form.
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A dealer can of course reduce OTHER parts of the price and tell you it's to offset destination, but they won't lower the destination fee.
You can not negotiate it away.
See:
https://www.autotrader.
https://www.jdpower.com/cars/shop...negotiab
When you come to the showroom, you will see the MSRP or a window sticker attached to the vehicle. This document lists all equipment and options for the car that factor in the price. A destination fee is always somewhere among those but might be stealthily included without any mention. Is there a way to avoid paying this fee?
The answer to that is, unfortunately, no. Even if you buy straight from the factory through the dealership, this destination fee would still be baked into the MSRP.
But of course since Tesla does direct sales, and doesn't have dealers adding nonsense things like undercoating and market adjustments in the first place for you to try and "negotiate" down, there's no negotiating to be done with Tesla. The price is the price.
By a tiny fraction of CR subscribers replying to surveys, who include factors having nothing to do with what most would define as reliability.
Meanwhile if you look at real world warranty claim data they're actually the MOST reliable brand on the market (roughly tied with Toyota).
Data on this:
https://www.warrantywee
2020 warranty claim rate as a percentage of sales for Tesla was 1.1%, 2021 also 1.1%
2020 warranty claim rate as percentage of sales for Toyota was 1.4% (worse) and 2021 was 1.0% (better).
Averarging the 2 years Tesla was the most reliable brand in the world among those sold in the west.
Here is my profile:
2013 with 19k miles and averages about 22 mpg. Just replaced engine air filter, spark plugs, anti-freeze for about $80 to take care of the 10 yrs maintenance. Tires are changed as well due to age, but that will be the same for EV, so are brake fluid change every 3 years ($25) and every year for cabin air filter ($8). Each year, oil change is about $30.
My fears are the super expensive tire prices for the EV, phantom drain over time which may cost 1/2 of my current gas money and of course, the long term durability of the batteries before recouping the initial cost premium (~$3000)...
And the news, at least as Tesla reports it, sounds good: the batteries for the Model S and Model X degrade only 12% after 200,000 miles.
https://www.msn.com/en-us/autos/news/tesla-just-shared-a-surprising-revelation-about-how-long-the-ba... [msn.com]
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You can not negotiate it away.
https://www.jdpower.com/cars/shop...negotiable [jdpower.com]
As I suggest, the article then goes on to point out you can negotiate an offsetting reduction in OTHER parts of the price that AREN'T required by federal law. But the full destination fee will appear on your final invoice.
But of course since Tesla does direct sales, and doesn't have dealers adding nonsense things like undercoating, there's no negoatiating to be done. The price is the price.
By a tiny fraction of CR subscribers replying to surveys, who include factors having nothing to do with what most would define as reliability.
Meanwhile if you look at real world warranty claim data they're actually the MOST reliable brand on the market (roughly tied with Toyota).
Data on this:
https://www.warrantyweek.com/arch...y%20claims [warrantyweek.com].
2020 warranty claim rate as a percentage of sales for Tesla was 1.1%, 2021 also 1.1%
2020 warranty claim rate as percentage of sales for Toyota was 1.4% (worse) and 2021 was 1.0% (better).
Averarging the 2 years Tesla was the most reliable brand in the world among those sold in the west.
Disclaimer straight from the website is that "With companies enjoying radically fast sales growth, such as those making electric vehicles, comparing one year's claims to the same year's sales is going to produce unusually low percentage rates for claims as a fraction of sales"
Tesla made its 1 millionth car in 2020, and 4 millionth car in 2023.
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