Beginning in 2024, everyone under the income limit qualifies for the full $7,500 rebate. It does not matter if you owe less than that in taxes, and you can get it at the time of purchase instead of waiting for next year's taxes.
https://www.npr.org/2023/12/28/12...ford-vw-gm
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expiredDC13 posted Jun 3, 2023 9:12 PM
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edit: For clarification from the wiki: "The 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."
So lower income people will not get a $7500 refund, it depends on your liability. i.e. A SDer responded about a student being angry in a previous thread that they only got $500 back and not $7500.
Virtually all of the ICE vehicle can be recycled. Generally the only items not recyclable per se will be interior trim - it's mixed plastic and rubber. Engine? steel or aluminum. Gearcases? Steel or aluminum. Body, frame, etc, steel or aluminum. In fact, about 86% of a car can be recycled [recyclenation.com].
Meanwhile your EV will still have a fully and readily recyclable frame and body, just like the ICE. The motor will generally be recyclable. The battery? Not really. Generally batteries and battery packs are not really designed for recycling. Most are just thousands of individual cylindrical cells, that themselves are spiral wound multilayer structures. There's no easy way to separate the materials here. An ICE, you literally rip out the engine with heavy equipment and include it in with any other steel or aluminum - the process is astonishingly easy and quick [youtube.com] with heavy equipment.
Meanwhile, the batteries are generally just shredded [ucsusa.org]. The resulting material is called "black mass" and is placed into a bath of caustic chemicals to leech out the *important* elements. In certain cases, that black mass is first incinerated to burn off plastic and epoxies. Yeah that sounds super efficient and environmental to me.
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"No, the dealership takes the tax credit. You have it wrong."
Except, of course, they had it exactly right. You still need the liability when you file or you owe the IRS the money back.
Because the law says you can only transfer to the dealer a credit you would OTHERWISE be entitled to without the transfer.
Which requires tax liability (and requires all the other things the credit restricts on like income too)
Just like the original post you incorrectly said was wrong.
And I cited the law pointing out you were wrong, and you're STILL trying to argue about it.
Explain how someone can know their tax liability ahead of time? You can't know, so everyone is going to get the credit.
Again- this is flat out false.
First- you can know roughly by looking at last years 1040. For most who aren't experiencing SIGNIFICANT financial/life changes it'll be about the same.
Second- taking a credit that you then don't end up qualifying for is part of why you file taxes
It's a method for the IRS to reconcile if you actually owe them some money for things like that.
So no, if it turns out you did not qualify at the end of the year, you will not "get the credit"
You will get a short term loan from the IRS you will have to repay when you file.
Same as any other during-the-year tax mistake you make because you estimated something wrong (like withholding for example)- it gets reconciled at tax filing time.
The change to a point of sale credit does not -at all- change the requirements and qualifications for credit eligibility.
Per the actual law I quoted and you obviously still have not read.
Per the actual law I quoted and you obviously still have not read.
DCFC takes about as long from 80% to 100% as it does from 20% to 80%, yes. 120V wall outlet charging though slows down very little, if any past 80%. It would take 8-10 hours probably for that 30 miles on a 120V outlet.
You'll need to enter the amount of the credit you transferred to the dealer when you file on a special form (just like you have to do a special form NOW for the credit).... you'll just enter the result of that form on a different line since it'd potentially be $ you owe instead of $ coming off the 1040.
If it turns out you took a $7500 credit but actually qualified for $0, you will owe $7500 to the IRS.
That's how ALL credits you can take early work.
That's why the law specifically says the buyer only gets the same amount of credit they would OTHERWISE QUALIFY FOR if they didn't do the dealer transfer.
Why else would that requirement in the law exist?
In your posts?
No, I think everyone has a good idea.
It's the same stuff they use as organic fertilizer
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DCFC takes about as long from 80% to 100% as it does from 20% to 80%, yes. 120V wall outlet charging though slows down very little, if any past 80%. It would take 8-10 hours probably for that 30 miles on a 120V outlet.
The fact you never fully read (or understand) posts, yet keep replying with wrong info, is something you might wanna see to.
I explained exactly how it'll be handled, and exactly how the IRS will recapture the value of any credit you transferred to the dealer but were not entitled to.
It's not like taking credits in advance you might not be entitled to is a new thing... most recently the child tax credit was advanceable as well... and if when you filed it turned out you got credits you didn't qualify guess what?
The tax filing required you to repay them, recapturing the unentitled credits you had taken.
And recapture is exactly the right term for your tax filing requiring you to repay credits you weren't actually entitled to but took anyway-- example:
https://turbotax.intuit
I explained exactly how it'll be handled, and exactly how the IRS will recapture the value of any credit you transferred to the dealer but were not entitled to.
It's not like taking credits in advance you might not be entitled to is a new thing... most recently the child tax credit was advanceable as well... and if when you filed it turned out you got credits you didn't qualify guess what?
The tax filing required you to repay them, recapturing the unentitled credits you had taken.
There was a special exemption for 2020. Other than that they DO recapture that credit if your income is too high.
Are you ever not wrong my dude?
https://www.irs.gov/affordable-ca...s#Repaying
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I explained exactly how it'll be handled, and exactly how the IRS will recapture the value of any credit you transferred to the dealer but were not entitled to.
It's not like taking credits in advance you might not be entitled to is a new thing... most recently the child tax credit was advanceable as well... and if when you filed it turned out you got credits you didn't qualify guess what?
The tax filing required you to repay them, recapturing the unentitled credits you had taken.
And recapture is exactly the right term for your tax filing requiring you to repay credits you weren't actually entitled to but took anyway-- example:
https://turbotax.intuit
It took me a sec, but between this moron's dense replies to you and also to me, it looks like we have ourselves a tricky little troll. I (barely) have enough faith left in humanity to believe no one is actually as stupid as his comments.
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