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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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During the pandemic, it was maybe 50+ cars at most. Recently, I drove past it and it's like 500+ total new Teslas in that lot. Not sure if that's a good or bad thing.
During the pandemic, it was maybe 50+ cars at most. Recently, I drove past it and it's like 500+ total new Teslas in that lot. Not sure if that's a good or bad thing.
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
Now if my power drill had an engine with over 200 moving parts firing thousands of times per minute submerged in oil then perhaps it would be a different story.
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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.
i charge at superchargers most of the time, never had a line, admittedly i charge early morning or at night after going to the gym and i usually pick up some food to eat, im not one of the people who go shopping and leave the tesla there for an hour.
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.
See above. Knowing your refund amount tells you nothing at all useful here.
If you bought it before April 18th (all the way back to Jan 1) you're also eligible for the entire credit.
I feel your frustration
Click the link in the OP for an inventory vehicle at $37830 vehicle minus the two credits...one federal at $7500 and one in CA for $7500. That gets you to $23k (assuming you qualify for both programs and their various requirements)
Someone mentioned the CA program here too. Looks like household size may be important in this CVRP rebate if you're trying to stack all of these. Someone in the comments on InsideEVs said this "Family of 4 making under $110k qualifies for the 7500 cvrp":
Refer to this site, not everyone will qualify for the full amount. There's 2 applications to do, One is the Clean Vehicle Rebate Project Increased Rebate, the other is Clean Vehicle Assistance Program. One is a grant with its own terms and conditions (have to own the car 30 months, use this grant at specific dealerships, i think there's only 1 tesla in California that takes it, and others terms...). The other is a rebate application you submit within 90 days of purchasing. I haven't gone through the whole process but there's the info.
Edit: Apparently there is yet another program for San Joaquin Valley residents for $3k:
http://valleyair.org/drivecleanin...
- If I can't get approval from my landlord to install anything within the garage, and I'm using a standard plug from there, can I expect to be fine using the car for a ~50 mile commute plus some driving on weekends? Or will i likely need to expect to set some time aside to hit up the Tesla Superchargers?
- I sometimes visit family that is about ~250 miles away, this lists the range at 272 miles, is this something where I'd be barely scraping by, or is that a conservative estimate? Would that number dip down pretty quickly over 5 - 10 years of ownership where I would require a charge mid-trip each time?
My goal with getting a car right now is something reliable, and saving money so thus the Corolla, but with this price and the possible savings on electric, my only concern is insurance and how I can verify this 7500 credit will apply.
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