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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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Then in 10 years tax payers are going to be paying for carbon sequestration because our crops will be wiped out by the radiative forcing properties of carbon dioxide
Why would you need to buy BOTH a wall charger and a mobile charger? Personally I've only ever bought the mobile-- it's cheaper, and it does largely the same job while being infinitely portable and offering adapters to a wide array of plug types. There's a few niche cases a wall charger offers something worthwhile, but not for most (and then why buy the mobile one unless you I dunno go a ton of remote road trips maybe?)
And every new car sold in the US has a destination fee, there's nothing Tesla specific about that.
.... I'm sure this sentence made sense to you wheny you wrote it- but it doesn't seem to make sense to anybody else.
If you have $7500 in tax liability you get the full $7500 credit.
Using the 2022 tax tables you'd need taxable income, filing single, of $54,000 or more to have $7500 in liability.
$65,900 taxable income for $7500 in liability if married filing jointly.
The tax credit goes to the lease company, which is the actual buyer of the vehicle- not the person leasing it.
Last I knew if doing a 1st party lease through Tesla they do not pass it through (it's hit and miss among which car OEMs pass through or not)
SOME 3rd party lease companies will pass along the credit- some won't- so if you think leasing makes sense to you for some reason you'd want to look for a 3rd party lease company that passes through the credit.
If my employer pays my income taxes, will I still get the credit? or I need to owe $7500 in my tax filing so that I am able to get the credit?
Because of this, I only charge at home. This also means I have to install an EV charger in my garage because the ~1% per hour with a regular outlet is a way too low. Hey, but it is really nice to never have to go to the pump.
I also have a gas powered car, and it's also nice. It's nice I don't have to fill it up as much, especially as my secondary car, but filling the tank isn't a big deal. Certainly nicer to not even have to do that, but it's a minor inconvenience.
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If my employer pays my income taxes, will I still get the credit? or I need to owe $7500 in my tax filing so that I am able to get the credit?
If you make roughly 70k (I think) you would get full credit as long as you dont have additional credits that come back against your liability
You've had the car for 10 years and only changed the wipers and tires? Pretty impressive.
Here's a google search link:
https://www.google.com/search?q=t...of
KBB:
https://www.kbb.com/car-advice/ma...our-tesla/
Consumer Affairs:
https://www.consumeraff
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
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If my employer pays my income taxes, will I still get the credit? or I need to owe $7500 in my tax filing so that I am able to get the credit?
Unless he literally handles your 1040 for you your employer does not pay your income taxes.
He might withhold some $ to pre-pay taxes, but, for the 931st time in the thread, this has nothing at all to do with how much of the credit you qualify for.
Look at line 18 on your 1040. That's how much in non-refundable credits you can use.
That's it.
If you bought it before April 18th (all the way back to Jan 1) you're also eligible for the entire credit.
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