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Model 3 Highland (US) Waiting room
- Thread starter IChillinz
- Start date
Tezla1
Member
for such a minor thing? LOL you want to try changing lanes on the highway everyday and your turn signal doesn't work half the time? That sound minor to you?
and no, its not me getting used to the button, I press the button directly, and it did not signal.
Tesla Service also confirmed it was faulty.
Not to mention, it was a BRAND NEW car, why wouldn't I have serviced under warranty?
How did I total the car? Some jackass hit me going 45 mph from the rear while I was close to a stop. Only had the car about 2 months. Total loss.
Other driver 100% at fault, his insurance paid off my lease.
Hey y'all. Can anyone help me understand the EV tax Credit process. Here is my question:
-Is the $7500 tax credit applied before the withheld amount applies or after. For example, which of the below examples, with hypothetical numbers, is correct:
A. Annual TAX from W2= 18,000 - 4,000 Child Credit = 14,000. Withheld (w2)=10,000 so I will have to pay IRS 14k-10k=4,000. Now with the EV Credit applied, that will change to =>4000-7500=negative, so I pay zero and I get zero refund, as the amount I have to pay has been 100% covered by the EV credit.
B. Annual TAX from W2= 18,000 - 4,000 Child Credit = 14,000 - 7500 EV Credit= 6500. Withheld tax (w2) 10,000, so I get a TAX refund next year in the amount of 10,000-6500=3500
If anyone experienced this tax process before or has a clear view of how this EV tax incentive is calculated, please help me out here.
Thank you.
-Is the $7500 tax credit applied before the withheld amount applies or after. For example, which of the below examples, with hypothetical numbers, is correct:
A. Annual TAX from W2= 18,000 - 4,000 Child Credit = 14,000. Withheld (w2)=10,000 so I will have to pay IRS 14k-10k=4,000. Now with the EV Credit applied, that will change to =>4000-7500=negative, so I pay zero and I get zero refund, as the amount I have to pay has been 100% covered by the EV credit.
B. Annual TAX from W2= 18,000 - 4,000 Child Credit = 14,000 - 7500 EV Credit= 6500. Withheld tax (w2) 10,000, so I get a TAX refund next year in the amount of 10,000-6500=3500
If anyone experienced this tax process before or has a clear view of how this EV tax incentive is calculated, please help me out here.
Thank you.
Thanks for the advise. I had never partitioned a stick, but using the info from the sites I did it! 10gb audio and 118gb dash cam. Seems to be working fine.
Your assumption seems to be right. According to my CPA, You get $7500 tax credit on your “earned income”. If you owe more than $7500 you pay the difference. If you owe less Than $7500 it will be wash.
I've been using the Anker 4-Port USB 3.0 Ultra-Slim Hub from Amazon and it's been working perfectly. That particular model was mentioned positively in several other forum posts, so I gave it a shot. I've been using one port for a thumb drive with music and another port for a 1TB Samsung SSD used for the camera recordings.
Yes I was about to order exactly the same thing. @5150 suggested partitioning a stick. Had never done it before but decided to try it on a spare stick for experiment , and it worked! Still planning to get the Anker though.
I do not believe that it only applies to tax on “earned income” anymore.. so if one had say 149.999 in MAGI from capital gains taxes, or other say RMD then the taxes owed would still be offset by the 7500 credit.
Thank you. So what happens to the amount withheld by the employer throughout the year? Obviously if the 7500 applies before the withheld amount, there will be a max of 7500 left (from withheld) assuming that the amount withheld was exactly the same as the tax amount (W2 - item line 24). Is the withheld amount refundable?
Yes, but not against payroll taxes I believe… so if you had federal INCOME TAXES withheld throughout the year on your W-2 (and/or I should say paid ESTIMATED TAXES on 1099 income), in EXCESS of $7500 and weren’t able to make additional deductible claims against taxes owed, etc. etc. then you’d be do some or all as a refund. If you taxes OWED were say 15K, and you had 7500 WITHHELD, you’d owe no more taxes when filing. (Nothing is this precise)
Or, if you had taxes owed of $7500, and had $7500 withheld, you’d get $7500 in a refund. Again, nothing is this precise.
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