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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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If you find that ridiculous take it up with Tesla- they're the ones who said it over and over and walked the walk proving it.
The recession and inflation were not happening at all. Car prices were through the roof, tesla was the only one who didnt have a dealership gouging people for $5k over sticker for a fully optioned honda accord so they had a lot of buyers.
Where people are freaking out is the raw # in inventory-- but they're ignoring as a % of production it's not high at all... yes they have more total inventory cars than 2018- but they also PRODUCE a ton more.
It's the days of production that is the relevant measure and theirs remains MUCH lower than anyone else making cars.
There so many people i know in tech over the income limit who would pull the trigger on that tomorrow. This is the government handing out $7500 like candy, this is not a tax credit. As a shareholder it simply doesnt make sense why they would sell a single car at discount when they can be taking advantage of this crazy good loophole.
Right. They're RIGHT BACK to March 2022 with 9 month backlogs.
PLUS they need to put a ton of debt on the books they don't want as well to carry the leased vehicles.
And in return they gain... literally nothing. Because they can already easily sell all the cars they're making in a timely fashion.
Wash sales stop you from taking a loss as a write-off. Not a gain. So no it wouldn't apply. This would let you reset the basis cost of the stocks so might be a thing worth considering.
Consider also it will reset the holding period for long vs short term gains purposes.
no price protection.
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I checked Model Y, Bolt, Mustang Mach-E, ID.4, Ioniq, along with BMW Series 3 and a few other ICE sedan models. Oddly, the Model 3 was even 15-20% more than the Model Y, which is so similar.
As I understand, the Tesla batteries are not really repairable, so any tiny damage from a collision requires that the car be totaled and taken as a loss. I wondered if a high or low deductible was better in that case, or even a limited collision (which in MA means coverage for less than 50% at fault), not sure of the best strategy. But is does change my thoughts on this deal if it is an extra 1K per year of owning it.
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