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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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I have 0 accidents and 0 tickets, ever.
Is $300/mo the standard price to insure a Tesla? Gas and oil changes cost less than the increased insurance costs...
I have 0 accidents and 0 tickets, ever.
Is $300/mo the standard price to insure a Tesla? Gas and oil changes cost less than the increased insurance costs...
I have 0 accidents and 0 tickets, ever.
Is $300/mo the standard price to insure a Tesla? Gas and oil changes cost less than the increased insurance costs...
There's no such thing as a "standard price" for insurance.
It varies massively by state, city, down to the zip+4 level- plus your driving record, your credit score and history, and more.
Comparing rates with random people on the internet is pretty useless.
That said, when Motortrend compared rates (for the same person) between a Model 3 and the nearest similar BMW 3 series, the Tesla rates were the same or cheaper.
Obviously if you're coming from a 10 year old civic or something they'll be higher... but for the most part they should be similar to similar class/price vehicles.
As an example (again, ONLY useful for my specific situation, not comparable to others) insurance on my Model 3 was virtually identical to the cost for my Lexus IS350-- both mid-sized sport sedans of a roughly similar price class at the time.
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I have 0 accidents and 0 tickets, ever.
Is $300/mo the standard price to insure a Tesla? Gas and oil changes cost less than the increased insurance costs...
Insurance companies have caught on that a little damage totals the car.
https://www.caranddrive
https://www.businessins
https://www.kbb.com/car-news/insu...ed-teslas/
YOU NEVER WANT TO CHARGE TO 90-100% IT WILL TAKE FOREVER.
Ideally, on a road trip, you want to get your car down to 10%, get to a supercharger and charge to 70-80% and then continue to your destination. It takes about 25-30 mins just for 10-80%. If you go from 80-100% then it will takes another 50 mins just for the last 20% (not worth it).
My wife and I have both a 3/Y and we charge at home, never an issue with daily work routine. Whenever we go on road trips the car will automatically set your next supercharger location at 10-20% and we repeat the process.
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https://slickdeals.net/f/16691801-2023-tesla-model-3-7500-federal-tax-credit-from-37830-for-qualifying-buyers?v=1&p=16
You're in desperate need of new material.
here,
Your Motortrend data is 3 years old, do you have any new material yourself ?
Somebody posted current insurance quotes from MA, but yet you didn't like it
since it didn't fit your narrative.
Get life, walk outside maybe, chill out
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https://slickdeals.net/f/16691801-2023-tesla-model-3-7500-federal-tax-credit-from-37830-for-qualifying-buyers?v=1&p=16
You're in desperate need of new material.
As I told you before and will tell you again, it sounds like you need to take it up with the people writing the articles, not me.
Everyone knows insurance is higher for Teslas, all you have to do is Google it.
You seem to think quoting some 3 year old article somehow debunks the actual facts, you know those annoying things that seem to contradict your "debunking"
So you better start writing to all of those publications and enlighten them with your debunking knowledge
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