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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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Not really, since unlike you they didn't misrepresent what the link actually said, nor claim other people said things they never did.
If you don't want to be called out for arguing dishonestly you should probably stop doing that.
Seemed to be better put together than the 2018 I had, and possibly better ride quality and slightly quieter, but too short a drive to really tell. I mainly wanted to see how many miles I can get out of the claimed 272, but again can't do it on such a short drive. After reading reports of much higher premiums on Tesla's now, I checked with mine. More than doubled the car I would replace it with. I will pass.
I'm paying about $100/mo through USAA on my Model 3. Which is about the same as I paid on the Lexus IS350 the Tesla replaced.
But insurance is massively YMMV.
Rates depend not just on the car (and trim of the car) but your state, your city, your specific zip+4 code, your personal driving record, even your personal credit history.
So random people on the internet comparing insurance prices is pretty useless.
https://www.msn.com/en-us/autos/news/what-electric-car-owners-wished-they-knew-before-buying-an-ev/s... [msn.com]
Decided to put the $250 down, which gave me a vin and allowed me to do a quote with Tesla insurance. $120/month with very decent coverage.
I'll bite.
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i thought the IRA is based on income and not tax liability?
(the answer is incredibly simple. it depends on what the net margin is on a model 3)
People should be really transparent about range. How often do you drive an EV from 100% to 0%? Basically never. In fact, you basically never charge it above 80-90% or so [mashable.com], even the Tesla Route Planner incorporates that into its calculations. You also never let it get below 10-20% or so [tesla.com]. Why? It's bad for the battery. Could you do it? Sure, but it's bad practice. Plus, if you run it too low, keep in mind the number on the screen is an *estimate* just like the range in an ICE is an estimate, and it's patently more difficult to refuel an EV on the side of the road than an ICE. That said, filling up an ICE and running it to 0 fuel isn't detrimental to the car. Imagine only filling an ICE to 75% and looking for gas at 25%, that's basically what the EV is like.
So, for all intents and purposes, your REAL range when compared to an ICE is perhaps 60-70%. This site [autocraftbodywerks.com] says charging limits are 20%-90%. So, if the stated range is 350 miles, well no, it's really more like 250 unless you want your battery to lose capacity faster.
And the whole road trip and stopping? Please just own the fact that an EV takes long to "refuel" (just to use a term analogous to ICE) and stop making excuses. Yes everyone needs to stop and stretch, but not every hour or every 2 hours.
Let's say we're taking a drive from NYC to Orlando. Tesla says that will take 20 hours in a M3 LR. 210 minutes of that, 3.5 hours, is simply charging, 6 stops. That 20 hour number also includes spending time driving to a charger and assumes it's working and readily available, which basically isn't a concern with gas stations regardless of time of night, especially around highways.
Google Maps basically agrees with the ~ 16.5 hour drive time for that ~ 1100 miles. If you were in an ICE that had a 400 mile range (my SUV is more like 450 and it gets 29mpg, a newer sedan could probably get 40mpg+ and have a comparable range), that means you'd only have to stop twice the entire route. Gas stations are far more plentiful and far more likely to not be out of your way. To fill up? Probably less than 10 minutes each time.
My brother just bought one and I don't like it at all. He now has minor (paint related) issues and is waiting 3 more weeks to get his car back. I actually much prefer my Bolt EUV over his Model Y performance. At about half the cost. Sad. It is fast AF though.
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