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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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Kind of tracks though as to why you spend so much time here, youre vehemently anti-EV which likely correlates with lower income.
Sucks but i falsely believed the gov was going to stop LFP batteries from getting the other half of $7500
i really do not understand how tesla pulled that one off to be honest.
Sucks but i falsely believed the gov was going to stop LFP batteries from getting the other half of $7500
i really do not understand how tesla pulled that one off to be honest.
https://evrebates.sce.c
https://evrebates.sce.c
With so many Model 3 Teslas on the roads of Bay Area, the existing owners must feel like Toyota Corolla and Honda Civic owners 20 years back. This was echoed by a friend of mine this weekend when we started discussing about his Tesla M3.
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https://evrebates.sce.c
With so many Model 3 Teslas on the roads of Bay Area, the existing owners must feel like Toyota Corolla and Honda Civic owners 20 years back. This was echoed by a friend of mine this weekend when we started discussing about his Tesla M3.
With so many Model 3 Teslas on the roads of Bay Area, the existing owners must feel like Toyota Corolla and Honda Civic owners 20 years back. This was echoed by a friend of mine this weekend when we started discussing about his Tesla M3.
You're confusing the novelty of a new model vs actual luxury.
I'm sure when it first came out, people were all interested and giving lots of attention. But don't confuse this with BMW/Audi/Benz sense of luxury. Anyone who sits in a Model 3 will immediately agree. Also to call it a M3 is just faux pas to the real M3.
Kind of tracks though as to why you spend so much time here, youre vehemently anti-EV which likely correlates with lower income.
Dude, you drive a model 3.
And got ripped off when you bought it
It's literally how stated mileage is determined on all new cars in the US.
Quote:
"In a 75 mph highway test, Car and Driver found that "more than 350 internal-combustion vehicles averaged 4.0 percent better fuel economy than what was stated on their labels. But the average range for an EV was 12.5 percent worse than the price sticker numbers."
"Many manufacturers also suggest that owners never charge their batteries to 100% full to extend battery life. They may publish a range figure assuming a full battery, then use software to limit charging so that owners can't easily fill the battery to full capacity."
All anyone who doesn't believe has to do is Google Tesla EPA range and read.
You seem to be the ONLY one defending Tesla on their range exaggerations.
You need to complain to all of the publications writing the articles, not the slick deal community.
In fact multiple ICE makers have gotten into serious legal trouble for misrepresenting the stated mileage, time and again.
https://www.reuters.com/article/u...SKCN1T729U
TONS more examples.
All cases where the car makers actually faked or tricked the testing and suffered lawsuits over it.
In this case there's NO evidence of such a thing-- it's just EV owners who don't understand weather impacts range.
This is not the first time it's been pointed out that repeatedly posting nonsensical FUD, and then when called out on it just shrugging and saying IT IS NOT MY FAULT BLAME THE AUTHORS OF THESE DOZENS OF FUD STORIES I KEEP REPOSTING FOR SOME REASON is.... not a sound excuse.
But you keep using it.
If you find yourself CONSTANTLY repeating sources that turn out to be untrue or deceptive- maybe take some personal responsibility to check out the veracity of the info before constantly repeating it?
And got ripped off when you bought it
After $9500 gov incentive and fuel savings my model 3 total price is $16000 after 8 years (when warranty expires). Thats $2000 per year on a depreciating asset.. meanwhile the last engine repair my audi had at 55,000 miles was $2000 alone LOL. german cars are officially the dumbest financial decision one can make.
Imagine being on slickdeals of all places and thinking its a flex that you spend tens of thousands on depreciating assets. Do you happen to live in LA/vegas? those are the capitol of people living with their parents and driving a $100,000 AMG. omg slickdeal hack live with your parents and you can throw away money german cars
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After $9500 gov incentive and fuel savings my model 3 total price is $16000 after 8 years (when warranty expires). Thats $2000 per year on a depreciating asset.. meanwhile the last engine repair my audi had at 55,000 miles was $2000 alone LOL. german cars are officially the dumbest financial decision one can make.
Imagine being on slickdeals of all places and thinking its a flex that you spend tens of thousands on depreciating assets. Do you happen to live in LA/vegas? those are the capitol of people living with their parents and driving a $100,000 AMG. omg slickdeal hack live with your parents and you can throw away money german cars
So you qualify for the Fed tax credit and you think you are high income?
See you just told me you were poor without telling me you are poor.
High income doesn't give a shit about a $50K depreciating asset, poor people worry about that.
I do get a kick out of your posts though, how old are you?
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