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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.
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Registration Amount: $286.00
License Fee: $262.00
Electronic Reg/Title Filing Fee: $31.00
Tire Fee: $7.00
Sales Tax: $3,131.78
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
I mean I literally called out that exact thing in the DISCLAIMER portion you quoted... so not sure what repeating it gets you?
The main thing is that Teslas warranty claims rate is the lowest in the industry. Certainly the fact they're all EV helps with that, but the point was that the concerns about "quality" are vastly overblown, as they have significantly fewer warranty issues than virtually any other brand of car (and even marginally fewer than the 'best' legacy brand- Toyota) of any company that sells in the west.
Get a CPA, or at least RTFM.
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Get a CPA, or at least RTFM.
EDIT for clarity: If you have $7500 in tax liability and withhold 0, and apply the tax credit from the Tesla, you will not get a refund but you will not owe anything.
If you have $7500 in tax liability, withhold $7500, and receive the federal tax credit from the Tesla, you will receive a $7500 refund.
Look at line 18 of your 1040. Is that more than $7500? Then you have enough tax liability to take the full credit.
State credits have nothing to do with qualifying for the federal one the thread is about
Inventory 3 is under 30k after federal tax credit-- even cheaper if you have a state credit.
As to bolt- the range is less (259 vs 272), there's no useful fast charging (50kw vs 250kw and massively fewer bolt chargers exist), performance is significantly worse.... and good luck finding a dealer to actually sell you a base model at MSRP in the first place.
if you CAN find a base model bolt, and it meets all your needs, it's indeed a great deal on a city/local only EV.... but quite a few folks in the bolt thread reporting no dealer for hundreds of miles is willing to do that--- shrinking the price difference between the bolt and the 3 to just a couple grand, and for most that's not worth taking the demonstrably inferior spec car that sucks for non-local driving.
IF whatever trick they're using to qualify the RWD 3 still works next year. That's not a for sure thing.
Likewise every previous time Tesla refreshed a car they raised the price on the new one. If the changes are worth it to you or not will be a YMMV thing.
I mean, it's the best selling mid-sized sedan in the world (and second best selling of ANY size) so you might want to consider there's something you are missing that many others have understood?
~$2500 cheaper than new order price.
Go here:
https://www.tesla.com/inventory/n...&range=200
Change to your zip code to see what's available at what price and if it matches what you want options-wise.
If so you get that discount, plus the federal and state rebates (assuming you otherwise qualify for them with things like income limits, having sufficient tax burden, etc).
Cheapest right now is $37,830 (RWD Model 3, no options whatsoever)
With $9500 in tax credits you'd be looking at $28,330 plus tax/title/destination/etc
~$2500 cheaper than new order price.
Some might be refused or cancelled orders-- but Tesla does build some inventory of all models to have on hand...Currently at a glance ALL inventory cars have at least SOME discount to a new order except for the LR Y (the best selling car)-- presumably because you have to take whatever they have config-wise instead of being able to pick your color/wheel options.
Some inventory discounts are as little as a few hundred (Model Y standard range), some are as much as $5000 (Model X)
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