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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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I paid $25,000 in state income tax + sales tax to California in 2021 lol.
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+
The only "cutoff date" you find on the site is before/after April 18th, and all versions of Tesla Model Y and Model 3 fully qualify for $7500 on both lists.
I ended up using Tesla insurance for both my cars (Acura MDX + Tesla Y) which came to around the same amount it used to be on AAA.
So yes, insurance can be A LOT more if you stay with your current insurance provider. He isn't wrong. But that depends on your insurance provider and your current rates.
Many people tend to overexaggerate the maintenance savings with the Tesla because it's low the first few years. You should be getting the 5 year or so maintenance with your Tesla soon which will basically be as much as you paid for your Acura over the years. Tesla model 3 averages around $4000 for maintenance and repair costs during their first 10 years of service. For the Acura Integra, I think the average around $5000. You just don't see those costs with the Tesla until later on in ownership of the vehicle.
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You need to take the # on line 11 (AGI) then add some stuff back in (if any of that stuff applies to you) to manually calculate your MAGI.... that is the # that much be under the income cap.
Note for 2023 tax year you can use your MAGI from 2023 or 2022 whichever is better for you.
Bit on manually finding MAGI below-
Modified Adjusted Gross Income (MAGI). MAGI is calculated by taking your Adjusted Gross Income (line 11 on the 1040) and adding back certain items of income and deductions:
IRA deductions
Deductions for student loan interest or tuition
Passive income or loss
Excluded foreign income
Rental losses
Interest from savings bonds used to pay college expenses
Half of the self-employment tax
Employer-paid adoption expenses
Any losses from publicly traded partnerships
If filing joint or as surviving spouse, MAGI cannot be more than $300,000. If you file as head-of-household, the limit is $225,000. Remaining taxpayers cannot have MAGI over $150,000 to claim the credit.
Published data on this shows even the very oldest (not even used in any of the newer 3/Y vehicles) 18650 nickel batteries remained above 85% original capacity after 150,000-200,000 miles. Newer nickel packs are expected to be similarly good at 400,000-500,000 miles, and LFP packs are likely good for 1 million.
The only "cutoff date" you find on the site is before/after April 18th, and all versions of Tesla Model Y and Model 3 fully qualify for $7500 on both lists.
That's pretty cool that the update is retroactive. For anyone who wants to see for themselves see the link below...
https://fueleconomy.gov/feg/tax2023.shtml
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