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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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Top Comments
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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1.8K Comments
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This car can only be registered in CA
Why can't they just motioned this before everything.
Are you in Texas? Texas prohibits car makers from selling directly to consumers, so you have to jump through extra hoops there to avoid paying a middle-man dealer.... A few other states do as well... In those cases you have to legally "buy" the car in California, then they "deliver" the car you already own to your home state they can't actually "sell" the car to you in.
Dumb law, but car dealers pay good money buying state legislators to ensure it stays that way.
Vehicle Price$37,830
Destination fee$1,390
Order fee$250
Your Model $39,470
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same number of girls who have friend zoned you..... 820
Sorry if this is a dumb question but that's just my understanding right now, just seeing clarification.
Edit: wanted to add that the first part of my drive was 31 miles of 45-55MPH zone using 10% of the charge, at 188Wh/mile. Not sure how linear the discharge curve is, and wether I could've gotten 310 miles out of it at 0% had I kept going in the same conditions. Seems to add up since assume usable capacity of 58kWh/188 = 308. The entire 48 mile drive used 17%, went from 91 to 74.
Sorry if this is a dumb question but that's just my understanding right now, just seeing clarification.
Correct the current credit is resolved when you file your taxes after the end of the year.
In theory you can get some of it earlier by adjusting your pay withholdings (but to avoid confusion that has no impact at all on how much of the credit you qualify for... it's just a way to move some of your eventual refund earlier on the calendar)
In 2024 the tax credit will be point of sale and come off the price of the car.... BUT:
You still have to qualify for it, and if you don't they'll reconcile that at tax time and you'll have to repay anything you weren't entitled to.... AND you run the risk I mention below if you're looking at an LFP one-
2032.
(Seriously that's the earliest the IRA tax credits end)
That said- if you're looking at a very of the 3 with the LFP batteries, that MAY get cut in half Jan 1 2024 depending on exactly how they're currently managing to get the full $7500, and the % of required domestic materials going into the thing goes up each year.
Lastly- there's the risk that the IRA will be nerfed or repealed by congress if the GOP regains significantly more control in government- since they already tried to do this in the recent debt limit negotiations but didn't have quite enough leverage to get that in.
Sorry if this is a dumb question but that's just my understanding right now, just seeing clarification.
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