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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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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?
similar concept to tax loss harvesting.. have you ever done that orrr...
if you actually knew what you were talking about you would be inquiring why im not writing off a lease
on top of all that its a laughably high agi limit if you are married filing jointly and one parent takes a hiatus from work to actually raise a child (and they can basically just run the other investments.)
im gonna guess you are still interested in "flexing" on people though if you are a wage slave driving $100k car lol
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https://www.msn.com/en-us/autos/news/tesla-model-y-fails-to-meet-range-claims-year-round-consumer-re... [msn.com]
similar concept to tax loss harvesting.. have you ever done that orrr...
if you actually knew what you were talking about you would be inquiring why im not writing off a lease
on top of all that its a laughably high agi limit if you are married filing jointly and one parent takes a hiatus from work to actually raise a child (and they can basically just run the other investments.)
im gonna guess you are still interested in "flexing" on people though if you are a wage slave driving $100k car lol
You keep talking about all of your financial prowess, flexing to impress internet strangers.
You seem to think that driving a model 3 is balling. New flash, it is equal to a civic or corolla in price and quality.
Nothing wrong with driving a $100K car if you can afford it. Clearly you have a problem with people who drive $100K cars, I guess you are jelly?
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?
You keep talking about all of your financial prowess, flexing to impress internet strangers.
You seem to think that driving a model 3 is balling. New flash, it is equal to a civic or corolla in price and quality.
Nothing wrong with driving a $100K car if you can afford it. Clearly you have a problem with people who drive $100K cars, I guess you are jelly?
you clearly have no idea how s-corp works btw lol. my w-2 can vary depending on how much i want to travel and do work remote, usually i pick up more consultant gigs then. being "salaried" in tech late last year was not guaranteed income, and funding was drying up on certain departments. so was a great time to consult. my agi in 2021 and 2023 is far higher than 150k, in 2022 it was lower, and then due to some lucky timing caught wind of the tax incentive and made sure to structure my investments in a certain way.
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you do realize youve aligned yourself with anti-ev right? fishkilla is anti-ev, not anti tesla. Anti-ev is the new flat earth, you can say completely absurd shit like "grid cant support it at night when load is lowest" "batteries actually pollute more than gas!" etc and it will illicit a reaction from a rational and scientifically literate person. Theyre desperately lonely and just want to talk to people online.
Whats not clear is why you would align yourself with someone who is anti-ev.
Whats not clear is why you would align yourself with someone who is anti-ev.
also youre confused, fishkilla said the model 3 was for low-income, which is like saying buying solar is for low income.
Im not sure why someone on slickdeals would flex about how much they pay bmw and OPEC per month unless they themselves are low-income and are clinging onto artificial status and/or financially illiterate as to what net worth is. There are parts of the country that have 84 month auto-loans for trucks... Strangely theres an inverse correlation for ev adoption in those same regions.
Buying an EV in cash is what a high income person does. They likely have solar on their house and know how to invest money wisely. Meanwhile a low income financially illiterate might see a person with a $100,000 lease and think that person has more income than the person with a $37,000 tesla, not realizing that the net worth of the person who owns the tesla+houses with solar is possibly 100x higher than the person who doesnt own any car.
is your neighbor perhaps made up?
yes it means that your $5 of gas goes 30mpg when it could go to 60mpg if so much of it didnt go to heat thats expelled from the engine. thats thermodynamic inefficiency.
In an electric car range is not a problem for me. I charge at home and my car can get me to work and to the gym and to shopping/dinner/whatever after the gym.
Real range anxiety is when you are coming home at 11pm on a sunday and the next morning spend 15 mins on the morning commute going to the gas station. I will never go back to that.
The cars with the LOWEST amount of inventory are the gas powered Toyota and Honda SUV's. Folk are not impressed with battery powered EV's. I am for Electric vehicles, but not battery powered ones. It has to be a fuel cell.
I am not convinced they help the environment globally because the rare earth materials used in them. Mining is energy intensive and environmentally destructive. Folks who understand that know it is more of govt cronyism. You must ask yourself when subsidies are so large, just who is benefiting directly and indirectly and the cost to everyone. Who and what counties are benefiting. Any one remember Solyndra?
Raise CAFE standards, you raise the number of EV's you need to make and sell at a loss, to make the car the actual consumer wants. The consumer is forced to pay more because CAFE demands it. So IF I want the right to choose, I must pay for some one else's choice.
Another poster posted something about Internal combustion engines being 50% efficient do to heat generated. I go back to some immutable truths. Coal, Oil, and natural gas are like 80% of the power now being generated. We use those fuels to heat to boil water that spins turbines to make the electricity to push it through high tension power lines. THAT inefficiency never pops up in the discussion. A inconvenient truth. Does ease of use and safety count for anything in choosing a personal vehicle?
Oh yea what are we doing with the old batteries? Old Solar panels? 280 million cars on the road, avg car is replaced some where between 15 and 20 yrs. I would expect in 20yrs 1/2 of the 280mill will be off the road. So 140mill at 2 tons each battery you can see that production and reclamation issues that have yet to be solved while we are racing full speed ahead.
It takes 10yrs to build a gas fired power plant. We would be replacing a hole lot of storable, transportable and plentiful chemical energy with the grid. Think of it, you must have driven buy a refinery with all those football stadium size storage tanks are some how going to be replaced with electrical energy? Pipelines not needed? yea sure. There is very finite manufacturing of critical power components mainly transformers. It takes a 1yr lead time for modest community sized transformers. To bring EV's to the scale envisioned we would be building those components, but no measurable production capacity in the USA has happened yet. We are outsourcing our energy to other countries and who remembers where that leads us?
The folks who are in charge LOVE being in charge. They would LOVE to set up a energy rationing system. 100% electric everything puts that smart meter they forced on your house a decade or two ago in charge of your energy life. Why do they not want diversity in the energy market place? Rationing..
If these things were soooo Good, you would not have to offer tax breaks to the rich to buy them.
I can not believe how high used car prices have got. No one wants a EV, and would rather fix the old cars that are actually better quality than the new ones. How do I know this? Look around you cant buy a 2008 pickup these days for less than $8k. Heck it is hard to find anything with less than 100k for less than $8k that has a naturally asperated motor .
Funny it is that high with all those new EV pickups being discounted by a GOVT tax give away. Why are they not flocking to them? If they were the used prices would be down and they are not. GOVT is picking winners and losers' . Again the poor are paying the price because the used car market is messed up by the GOVT. When did a PELL grant or a increase of one, ever reduce the cost of collage? They simply increase tuition . Free GOVT funding of anything and it simply means the price goes up with out any real gains. There is no free lunch. one mans tax dodge makes another see a tax cheater no matter how noble the perceived cause... Tax code for this kind of stuff is a misuse IMHO.. Flat tax please.
Folks from the get go of this program saw MSRP rates rise almost exactly the the rate of tax break incentives. The used car value is off the chart in response to the lack of quality and reparability of the used cars in the market. The resale of "treaded in" EV's is the largest problem going forward. No one wants to risk a replacement battery when it is $10k to $20k for one. That makes a CVT transmission look like a barging. You can repair a whole lot of things for the price of a battery.
For all of these reasons, I would prefer the GOVT handed out the cars to the poor rather than subsidize the wealthy. O'Biden motors cars to go with O'Bama phones. From the bottom up! is what we were told told but this program is the other direction. If you give the poor the cars you get the most bang for buck because you are not messing with the used car market and putting the product in to the hands that need it most with out disrupting the rest of the markets.
Hey GOVT! if you want to help the poor, STOP HELPING!
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yes it means that your $5 of gas goes 30mpg when it could go to 60mpg if so much of it didnt go to heat thats expelled from the engine. thats thermodynamic inefficiency.
In an electric car range is not a problem for me. I charge at home and my car can get me to work and to the gym and to shopping/dinner/whatever after the gym.
Real range anxiety is when you are coming home at 11pm on a sunday and the next morning spend 15 mins on the morning commute going to the gas station. I will never go back to that.
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