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frontpage Posted by krispytreat007 • Jun 2, 2023
frontpage Posted by krispytreat007 • Jun 2, 2023

2023 Tesla Model 3 w/ 3 Months Supercharging + $7500 Federal Tax Credit

(For Qualifying Buyers)

from $37830

$40,240

1,793 Comments 922,861 Views
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Deal Details
Tesla is offering its 2023 Tesla Model 3 starting from $37830. This model now qualifies for the $7500 Federal Tax Credit (more information here and here).

Thanks to community member krispytreat007 for sharing this deal.

Note, price and availability will vary by location and may be limited. Additional fees may apply.

Additionally, this includes 3 months free unlimited Supercharging if ordered and delivered between June 14 and June 30, 2023.

Editor's Notes

Written by qwikwit | Staff
  • To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
    • $300000 for married couples filing jointly
    • $225000 for heads of households
    • $150000 for all other filers
  • The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
  • See the forum thread for deal discussion.
  • Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.

Original Post

Written by krispytreat007
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Tesla is offering its 2023 Tesla Model 3 starting from $37830. This model now qualifies for the $7500 Federal Tax Credit (more information here and here).

Thanks to community member krispytreat007 for sharing this deal.

Note, price and availability will vary by location and may be limited. Additional fees may apply.

Additionally, this includes 3 months free unlimited Supercharging if ordered and delivered between June 14 and June 30, 2023.

Editor's Notes

Written by qwikwit | Staff
  • To qualify for the federal tax credit, one must not exceed the following adjusted gross income limits:
    • $300000 for married couples filing jointly
    • $225000 for heads of households
    • $150000 for all other filers
  • The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
  • See the forum thread for deal discussion.
  • Get 1%-5% cash back on deals like this with a cash back credit card. Compare the available cash back credit cards here.

Original Post

Written by krispytreat007

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Top Comments

Eagles89
5963 Posts
786 Reputation
You forgot to mention the $1390 destination fee, $425 for wall connector, $230 for mobile charger, $250 non-refundable order fee.
scn312
168 Posts
65 Reputation
Tesla Model 3 RWD starts at $40,240 but is now eligible for the full $7,500 federal tax credit (income limits apply). Previously, it was only eligible for $3,750. This makes the starting price $32,740 after tax credit.

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
Knightshade
15329 Posts
4338 Reputation
NO IT DOES NOT.

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.com/articl...tax-credit

1,792 Comments

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Jun 5, 2023
39 Posts
Joined Feb 2014
Jun 5, 2023
adamglennschwartz
Jun 5, 2023
39 Posts
I pulled the trigger, but I think it's going to be close for getting the full tax credit for me. Not exactly a deal breaker, but I would rather get the full credit if I can manage it. I make 63k a year and have gotten a 1k bonus each year and a little overtime here and there, so lets say 65k a year in taxable income. I should end up with 5.5k-6k in tax liability with a standard deduction I think. (Correct me if I'm wrong.) Should I strategically take money out of my IRA/sell some of my crypto or something to raise my "income" to hit that 7.5k then reinvest it? Would that 10% penalty for taking money out of the IRA be some kind of calculated loss or could that help me in some way? Anyone else in the same boat? Is there a better way to handle this? I could also just ask for a raise (not sure how that might go... lol just dodged layoffs to begin with...) or a weekend job or something but not sure that's worth it for 1-1.5k credit on taxes.
Jun 5, 2023
2,042 Posts
Joined Jan 2009
Jun 5, 2023
arbitrager
Jun 5, 2023
2,042 Posts
Quote from mrrame :
any speculation on when the highlander model will be out? couple of weeks or months?


to help appease your 'speculation'.... the answer is....



yes
Jun 5, 2023
2,042 Posts
Joined Jan 2009
Jun 5, 2023
arbitrager
Jun 5, 2023
2,042 Posts
Quote from adamglennschwartz :
I pulled the trigger, but I think it's going to be close for getting the full tax credit for me. Not exactly a deal breaker, but I would rather get the full credit if I can manage it. I make 63k a year and have gotten a 1k bonus each year and a little overtime here and there, so lets say 65k a year in taxable income. I should end up with 5.5k-6k in tax liability with a standard deduction I think. (Correct me if I'm wrong.) Should I strategically take money out of my IRA/sell some of my crypto or something to raise my "income" to hit that 7.5k then reinvest it? Would that 10% penalty for taking money out of the IRA be some kind of calculated loss or could that help me in some way? Anyone else in the same boat? Is there a better way to handle this? I could also just ask for a raise (not sure how that might go... lol just dodged layoffs to begin with...) or a weekend job or something but not sure that's worth it for 1-1.5k credit on taxes.

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?
Jun 5, 2023
446 Posts
Joined Mar 2012
Jun 5, 2023
DC13
Jun 5, 2023
446 Posts
Tesla most likely scamming people right now. IRS website still shows 3750 rebate. Tesla really desperate and know they are not the ones filing for the credit. That's the responsibility of the owner.
Pro
Jun 5, 2023
5,772 Posts
Joined Nov 2012
Jun 5, 2023
George_P_Burdell
Pro
Jun 5, 2023
5,772 Posts
Quote from MushroomkIng :
This car is nicely glued together.
Please, the car is held together with faith in Elon and Doge
1
1
Jun 5, 2023
251 Posts
Joined Jul 2013
Jun 5, 2023
Vigilante375
Jun 5, 2023
251 Posts
Quote from Mytaxtrial :
you obviously did not go to the IRS Website and look at their grid.
Obviously there are people who will do it for me....
Jun 5, 2023
251 Posts
Joined Jul 2013
Jun 5, 2023
Vigilante375
Jun 5, 2023
251 Posts
Quote from DC13 :
Tesla most likely scamming people right now. IRS website still shows 3750 rebate. Tesla really desperate and know they are not the ones filing for the credit. That's the responsibility of the owner.
Actually, Tesla does the paperwork for you and then gives it to you at the end of the year or in January of the next year. Then you submit what they give you back to you after they worked with the Government to get it cleared.
1

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Jun 5, 2023
1,544 Posts
Joined Apr 2006
Jun 5, 2023
flyalexair
Jun 5, 2023
1,544 Posts
Quote from coolambo :
Do check how much it will cost to insure a Tesla. Don't be surprised to see x3 or x4 vs your current insurance. Pretty much negates any supposed savings. Not a slick deal!
A little research on this topic will show you that you are wrong. 3x-4x current insurance? My insurance barley went up.

$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.
1
Jun 5, 2023
22 Posts
Joined Apr 2015
Jun 5, 2023
KungFuJoe03
Jun 5, 2023
22 Posts
Quote from DC13 :
Tesla most likely scamming people right now. IRS website still shows 3750 rebate. Tesla really desperate and know they are not the ones filing for the credit. That's the responsibility of the owner.
Concerned about this as well. IRS, which forwards to FuelEconomy does indeed show the credit as only $3250. Is it outdated? I know Musk is an a-hole, but Tesla is still a business and I assume they wouldn't be promoting the tax credit if it wasn't true. I imagine that would be one massive class action if it turned out they were lying.
Jun 5, 2023
2,917 Posts
Joined Mar 2012
Jun 5, 2023
cyclops13
Jun 5, 2023
2,917 Posts
Quote from Shushera :
Can not call NJ cheap state for insurance. This is for max protection they could offer plus umbrella. Deductible is high though, 1K. Perhaps difference in driving record matters, IDK
Thats pretty good rates. What insurance company is that?
Jun 5, 2023
703 Posts
Joined Oct 2006
Jun 5, 2023
squish
Jun 5, 2023
703 Posts
Quote from KungFuJoe03 :
Tough decision. I need a car for my daughter and it's been tough looking at 3yr used Civics selling for 25k when I bought a 2017 in 2020 for 17k. Yeah they are super reliable and great overall but it's still a used ICE car. I have solar at home so charging would essentially be completely free if I got an EV.

I was in the same boat looking for a car for my daughter. Going to a place like CarMax to hopefully get a reliable ICE car with nav, backup camera, lots of safety systems was a REAL struggle. I gave up and decided to give her my 2019 Model 3 and I would get another tesla.

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 Smilie

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.
Pro
Jun 5, 2023
1,814 Posts
Joined Feb 2004
Jun 5, 2023
Kachur
Pro
Jun 5, 2023
1,814 Posts
Quote from cyclops13 :
Thats pretty good rates. What insurance company is that?
State Farm, like a good neighbor is always there Smilie
Been with them for 20+ yrs
Jun 5, 2023
1,275 Posts
Joined Jul 2006
Jun 5, 2023
kevolution
Jun 5, 2023
1,275 Posts
Quote from adamglennschwartz :
I pulled the trigger, but I think it's going to be close for getting the full tax credit for me. Not exactly a deal breaker, but I would rather get the full credit if I can manage it. I make 63k a year and have gotten a 1k bonus each year and a little overtime here and there, so lets say 65k a year in taxable income. I should end up with 5.5k-6k in tax liability with a standard deduction I think. (Correct me if I'm wrong.) Should I strategically take money out of my IRA/sell some of my crypto or something to raise my "income" to hit that 7.5k then reinvest it? Would that 10% penalty for taking money out of the IRA be some kind of calculated loss or could that help me in some way? Anyone else in the same boat? Is there a better way to handle this? I could also just ask for a raise (not sure how that might go... lol just dodged layoffs to begin with...) or a weekend job or something but not sure that's worth it for 1-1.5k credit on taxes.
Bad idea to take money out of IRA (10% penalty early withdraw never worth it)
Jun 5, 2023
446 Posts
Joined Mar 2012
Jun 5, 2023
DC13
Jun 5, 2023
446 Posts
Quote from Vigilante375 :
Actually, Tesla does the paperwork for you and then gives it to you at the end of the year or in January of the next year. Then you submit what they give you back to you after they worked with the Government to get it cleared.
This is 100% a lie. You file it with your tax return. Everyone's tax situation is different so they aren't filing a thing for you.

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Jun 5, 2023
15,329 Posts
Joined Sep 2009
Jun 5, 2023
Knightshade
Jun 5, 2023
15,329 Posts
Quote from kevolution :
Bad idea to take money out of IRA (10% penalty early withdraw never worth it)

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)



Quote from KungFuJoe03 :
Concerned about this as well. IRS, which forwards to FuelEconomy does indeed show the credit as only $3250. Is it outdated?
Yes, as explained about 73 times now throughout the thread.

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.


Quote from fueleconomy.gov :
Note: Some qualified manufacturers have yet to submit information on eligible vehicles that meet the requirements for vehicles placed in service on or after April 18, 2023. Please check back for updated information.


Quote from KungFuJoe03 :
Tesla is still a business and I assume they wouldn't be promoting the tax credit if it wasn't true. I imagine that would be one massive class action if it turned out they were lying.

Correct- despite the usual local FUDsters dumping OMG FRAUD claims in the thread over and over.
Last edited by Knightshade June 5, 2023 at 12:18 PM.

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