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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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https://abcnews.go.com/Technology...k-99615862
Tesla Already Beginning to Open U.S. Supercharger Network to Outside Brands
https://www.caranddrive
Your W4 withholdings have no impact at all on how much of the EV credit you qualify for.
Yes, assuming you have no other credits to take.
The Model 3 is the best selling mid-sized sedan in the world.
The Model Y is the best selling vehicle of ANY kind in the world.
It's everyone else that needs to get more competitive, and so far not a great job
Ford only makes one car BEV- the Mach E SUV
It's more expensive, for inferior specs, antiquated engineering in comparison to the equivalent Tesla SUV (model Y), and they barely sell any of them compared to the Model Y being literally the best selling vehicle in the world.
So your opinion is not reflected in reality I'm afraid
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Same answer as last time you asked- never.
Going back over 5 years now pricing has mostly been in the 80-100k range on the non-performance model. There was a brief dip down to ~75k and then finally ~70k RIGHT before the major 2021 refresh, after which it went right back up again and has remained in the 80-100k range ever since.
If you must have an S, and can't afford to spend over 50k you'll need to look at the used market.
Personally when I test drove both I found the 3 the better car to drive... smaller, lighter, more nimble, easier to fit in narrow places/parking lots, and the P is just as quick as the non-Plaid S.... (the plaid S is a whole different universe of fast of course, but you can also buy 2 or 3 Model 3s for what it costs)
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$37830
-7500 federal tax credit
-3500 ma ev rebate(refundable)
-1500 trade in discount on sales tax. I am waiting for final trade in offer, for now it show $1000 more than I expected. I hope they give that number. My delivery date is next tuesday.
Total 25330.
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