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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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https://www.tesla.com/inventory/n...&range=200
Change the zip to your zip.
It'll show you inventory cars in a 200 mile radius.
Currently the cheapest ones it's showing are $37,830 for RWD with no options.
If you are instead ORDERING a non-inventory car you don't get the inventory discount- just the tax credit, which applies when you file your 2023 taxes.
Also regarding tax- depends on your state.
Some states it's zero.
My own it's 3% not 10%
Tesla tracks your insurance cost based on your driving statistics. It's much lower for me than Geico and other insurance providers in my area.
I am planning to buy Model Y (54k ) or Model 3 (Available inventory) for 41K
Is there a difference in percentage of Sales tax - I have to pay? Is there some tax benefit on Model 3.
Phantom drain is practically nonexistent. I just came back from a 10 day trip with the M3 parked in an outdoor airport parking lot with exposure to sun and cold and everything and the drain was maybe 3%. 3% of 82kWH at 9c/kWH is less than a nickel. This is not a cellphone battery, do not be concerned about phantom drain.
Your gas savings heavily depend on your utility rates and your driving pattern. I've had the M3 since August 2018 and have put about 75k miles on it. I used to pay only 7c/kwh but now it's 9c/kwh. Even calculated at today's rates, I spent a little under $1600 over the last 5 years to drive(0.23kwh/mile x 75k miles x .09usd/kwh) about 75k miles. At $4/gallon for Norcal prices with 75k miles at 30mpg it would have been about $10k for the same miles.
Insurance is a bit expensive. I'm with GEICO and have a clean driving record, it's about $1000 per year. I'm also an old fart with a really clean driving record and I'm not happy that I'm still paying this much. I have a 2019 CRV that's half that rate.
I use Amica, no one has heard of them because they dont spend $200 million on advertising every year like GEICO. but will start to look into costco now.
For example, after the credits and 30k miles on it, will I at least breakeven when I resell or trade in?
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For example, after the credits and 30k miles on it, will I at least breakeven when I resell or trade in?
Technically, yes... though you'll need to open it up slightly to access it.
You can sell it the day after you buy it if you want.
The "catch" is you can't buy it with the INTENT to resell it.
But you can always say "Naah, drove it home and hated it, so sold it the next day"
Some STATE tax credits have specific days of holding periods, but the fed credit does not.
For example, after the credits and 30k miles on it, will I at least breakeven when I resell or trade in?
Plus, this will be the "old" version of the Model 3 in just a few months and worth even less.
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Do you have a suggestion for a 3rd party leasing company?
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