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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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https://en.wikipedia.or
This lists the states Tesla can not sell directly in as:
Alabama, South Carolina, New Mexico, West Virginia, Kansas, Louisiana, Texas, Wisconsin, Nebraska, Iowa, Oklahoma, Arkansas, Connecticut.
There's 8 more where they're heavily restricted on # of locations they can sell within a state--- New Jersey is on that list- so you should be fine not paying until you go to take delivery, and rejecting the delivery (without paying) if you find sufficient cause to do so--- but might have to drive a little bit to the location to inspect it depending where you live vs. where the limited # of locations are.
This lists the states Tesla can not sell directly in as:
Alabama, South Carolina, New Mexico, West Virginia, Kansas, Louisiana, Texas, Wisconsin, Nebraska, Iowa, Oklahoma, Arkansas, Connecticut.
There's 8 more where they're heavily restricted on # of locations they can sell within a state--- New Jersey is on that list- so you should be fine not paying until you go to take delivery, and rejecting the delivery (without paying) if you find sufficient cause to do so--- but might have to drive a little bit to the location to inspect it depending where you live vs. where the limited # of locations are.
"Tesla has four direct-sale stores in Cherry Hill, Paramus, Short Hills and Springfield. Tesla also has a service center at the Garden State Plaza in Paramus.Jan 17, 2019"
That said, my Tesla costs about the same to insure as the Lexus IS350 it replaced (far less than the amount you cite, but again different situation/location than you so no point in comparing directly to you)- so there was no real cost difference there at all for me. Try several insurance companies to get quotes though (including Tesla if they offer it in your state- which they do in 2 out of 3 "west coast" states)
Yeah, I'm hearing Tesla insurance itself is the cheapest, but that still is around $200/month. I've checked other insurance companies and they're for sure way more.
Yeah, I'm hearing Tesla insurance itself is the cheapest, but that still is around $200/month. I've checked other insurance companies and they're for sure way more.
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If I applied for two banks at a time for loan , if the both banks do hard credit check, does my hard credit score effected for multiple hard checks?
Please help !!
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Things to be noted while buying from new existing inventory ?
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Things to be noted while buying from new existing inventory ?
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