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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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On the other hand, I would be thrilled to see the full tax credit available again on the non-Performance 3, but according to the IRS, the credit is still $3,750. See here [fueleconomy.gov]. This is current as of 6/1, so unless something changed since yesterday (and there is no news supporting this), it sounds like an error.
It's a non-refundable credit.
It comes off the amount you owe on line 18 of your 1040 dollar for dollar.
Your usual refund (if you get one, and how much) tells you literally nothing about how much of the $7500 credit you can use because none of that is relevant until much later on your tax return.
Line 18 on the 1040 is what you need to look at. If it's $7500 or more, and you have no other non-refundable credits, you get the full amount.
If all of the above is true for your return, and nothing else changes, your refund, for someone who normally gets one, would then, further down the form, be $7500 larger than it otherwise would be.
If your line 18 is less than 7500 then you will only get the amount on that line "extra"
Why do you want to pay more money for a slower car?
The Plaid recently crushed their Nürburgring time by over 8 seconds-
https://www.motortrend.
Do i miss anything later by buying Model 3 RWD instead of Model 3 Long Range ?
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39K + 3k tax - 4500 - 2 = 35k car. plus $200 a month on insurance. Save maybe about 1k a year by not using gas. .25-35 a kwh at home charging. I'm not saving much at all. the EV for me in California is comparable to a 25k ICE car that gets 30mpg.
My Prius plugin gets 70mpg and I spend about 1k in gas a year. car cost nothing, insurance is $86 full conv a month.
Current prius, cost: 2k a year to use. lets say I keep it for 5years. = 10k cost out of pocket.
new tesla, cost 2400 a year in insurance. 35k / 5 = 7k a year to own the car. + 2400 a year in insurance. 9400 a year to own a model 3.
2k a year prius vs 9400 a year owning a model 3.
filling up gas and doing oil changes vs charging and no oil changes. (tires and brakes are the same on both cars)
Only real benefit is TIME that you gain by not doing ICE maintance and gas filling up.
Yea.... being on this forums... spending 7400 isn't a SLICKDEAL. I'd keep my prius plugin. =D
Do i miss anything later by buying Model 3 RWD instead of Model 3 Long Range ?
Inventory | Tesla
You miss AWD and significantly quicker 0-60 and 1/4 mile times.... slightly higher top speed (140 vs 145), and the more range obviously... you also miss floor mats, fog lights, and the stereo isn't as good (has no subwoofer, no sub amp, and I think 1 less speaker)
39K + 3k tax - 4500 - 2 = 35k car. plus $200 a month on insurance. Save maybe about 1k a year by not using gas. .25-35 a kwh at home charging. I'm not saving much at all. the EV for me in California is comparable to a 25k ICE car that gets 30mpg.
My Prius plugin gets 70mpg and I spend about 1k in gas a year. car cost nothing, insurance is $86 full conv a month.
Current prius, cost: 2k a year to use. lets say I keep it for 5years. = 10k cost out of pocket.
new tesla, cost 2400 a year in insurance. 35k / 5 = 7k a year to own the car. + 2400 a year in insurance. 9400 a year to own a model 3.
2k a year prius vs 9400 a year owning a model 3.
filling up gas and doing oil changes vs charging and no oil changes. (tires and brakes are the same on both cars)
Only real benefit is TIME that you gain by not doing ICE maintance and gas filling up.
Yea.... being on this forums... spending 7400 isn't a SLICKDEAL. I'd keep my prius plugin. =D
*only a certain % of battery is charged.
You leave that all out. You do that because naive people will see "100 miles in 10 minutes" and assume that you can "fill up" 300 miles in 30. You can't. Why? Bad for the battery.
EDIT: DEAL NOT APPROVED
EV not a deal.
From the office of oakraiders510
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In CA, the price would be about $24,230 for me since I qualify for both the Fed EV for $7.5k and the CA CVRP also $7.5k.
Factor in $9k that I can get by selling my paid off POS Prius and I'm looking at around $18k after taxes for a brand new Tesla!
Hard to beat!
for someone to get the full cvrp 7.5k, one has to be in the 400% 2022 federal poverty level. https://aspe.hhs.gov/topics/pover...guideli
Fed EV is up to $7500 so that means you have to owe taxes to get the full amount.
also, you need to live in a disadvantage community.
this is for the cvrp assisted grant https://cleanvehiclegra
ppl that make under 30k will use standard deduction $3500 rate.
the Fed ev is a non refundable rebate. It takes your taxes you owe (tax liability is lines 16 through 24) and deduct from there. which brings you down to zero. Now if you withheld taxes for that year, you get that back too.
I spoke to my CPA and there's no way one can get both full 7500 from fed and cvrp. that's bs in your post.
most average ppl that have reg salary jobs 20-30 an hr will have pay about 7k in taxes a year would only get pretty close to $7500 and the 2k from cvrp.
anyone that gets higher salary will get less from the fed ev and the 2k.
It's pretty simple.
Everyone running to get the tesla think it's a flat rebate. wrong!
They're going to get a rude awaking next year when they try to file their taxes.
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