-----
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.
right now most banks are close or more than 6 percent
does the tax credit benefit apply for cars in the existing inventory?
or do I have to order a new one ?
does the tax credit benefit apply for cars in the existing inventory?
or do I have to order a new one ?
When I check online, the cheapest option is for $40,000. If I order today/tomorrow, What are the discounts that I am eligible for? TIA
Sign up for a Slickdeals account to remove this ad.
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)
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)
If your line 24 is lower than $7500 like say $5,000, then the credit will just make it 0 instead (-$2,500) which means the government won't refund you that $2,500.
just like there are so many Electrify America that works 50% of the time :-)
Tesla pushes out OTA software updates every few weeks and keeps improving the car. It's the same as Apple.
Edit: apparently electtirfy america has a 97% uptime not 50%.
https://www.eenews.net/articles/w...-breaking/
After that, the packs can be recycled or used for home storage. They usually get their stated range as long as you don't drive 75+ on the highway and most get more than stated in city driving. The only real climate related hits you see is VERY cold winter temps can decrease range by about 20% max.
https://www.recurrentau
Battery degredation is around 2-3% per year (still not bad imho).
https://www.caranddrive
Sign up for a Slickdeals account to remove this ad.
https://www.drive.com.a
A lot of increased competition too.
Join The Conversation
Share your experience with the Slickdeals community
Share information with the community. Please follow our Community Guidelines and be kind!