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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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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.
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1.8K Comments
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to help appease your 'speculation'.... the answer is....
yes
You're asking a bunch of SDers.. for financial advice... the same group you're part of.....
Don't. Ask your tax accountable or financial adviser..
Easiest solution, go make more money at your job or get a 2nd job/gig if you're so keen on getting the full tax credit for 7.5k?
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$800 every 6 months for 2 cars (tesla and acura) through Geico in norcal. And these are with high coverages because people in CA are crazy drivers.
Also im in year 5 of my Model 3. I have yet taken it to my first service so spent $0 on maintenance. While my 10 year old Acura is still about $500/year on services.
Some of the reasons were my car has only 55k on it and has never gone in for any repairs/warranty/service since I bought it. All I have done is washer fluid and tires. It is the safest car on the road. As a parent, I can see on the app where the car is and how she is driving (young driver). She gets a really cool car
I would be a little concerned about the refresh, because it looks like it is going to come out without turn signal stalks and replace it with buttons on the wheel. Not a fan of that.
This is the end of a quarter push and they normally have some sort of incentive in the last 3 weeks. I suspect all new inventory cars will go back to the price of a new model 3 next month. QC concerns, to me, are completely overblown but I only have a small sample of about 10 tesla owners and one had a slight panel gap issue and had it corrected. tbh, I think he was just looking for an issue because it looked fine to me.
Been with them for 20+ yrs
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The 10% is added tax liability.
Which is exactly what you need if you are trying to increase your tax liability.
It essentially lets you use the amount of the credit you otherwise would not get at all to offset the penalty dollar for dollar.
(that said most people would be better off doing a regular IRA to Roth IRA conversion instead if they need more tax liability- that then lets the converted $ be taken out later entirely tax free)
The website is only reporting the info provided by car makers.
It was last updated 6/1.
Tesla announced the updated $7500 eligibility on 6/2.
The IRS website is currently out of date.
We saw the same thing with a bunch of car makers early in the year--- the IRS website only listed a very few cars as eligible because the makers of them had gotten their info to the IRS early. Then over ensuring weeks the new certifications worked through the IRS paperwork process, when then has to make its way over to fueleconomy.gov which isn't an IRS site so it's ANOTHER department- and were eventually added to the website.
the website even notes the fact that it's not necessarily the most current info at any given time and to keep checking back as new info is reported by car makers.
Correct- despite the usual local FUDsters dumping OMG FRAUD claims in the thread over and over.
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