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You're only reading half of the story. I suggest you re-read this passage:No. The treasury will not send any check to you. Period.
Read gg's web link. It states it flat out.
Holy cow, you just don't get it. I agree and have clearly stated I agree that you won't get a refund if 7500 is over your tax liability. What you don't get is that the tax liability is not affected in any way shape or form by your withholding as your original message implies.
Answer this simple scenario:
My income is 80K.
My taxes owed for the year as calculated on my 1040 is 26K prior to claiming the EV credit.
I withheld $1K as part of my paycheck every 2 weeks during the year.
When I file my taxes and claim the EV credit. Will I get $7500 check from the Treasury?
The answer is YES.
No. The treasury will not send any check to you. Period.
Read gg's web link. It states it flat out.
Todd, that leaves a pretty narrow catagory of people that would be able to participate in the EV program at all. >50% don't make enough to qualify fully, and 2X national average would take away another 25%!
Indeed. The 25% of people who are making more than twice the national average could easier afford to buy an EV from Tesla, without the tax credit. It would have been nice to see it scalable to give more money back to individuals who made less money but wanted an EV, while the ones who made more money received less. So, if you make 125k with no dependents or something, you get no credit, if you make 60k, you get 15k rebate.
It just seems like congress could have done the tax a little different to try and help everyone out and sell more EV's. And off my soap box I go.
Maybe the title of this thread should be changed? It started off being about options but seems like it turned into a tax debate about 30 posts back.
I fearfully tread into this off-topic, but it might be worth stating...Todd, that leaves a pretty narrow catagory of people that would be able to participate in the EV program at all. >50% don't make enough to qualify fully, and 2X national average would take away another 25%!
Yes, they could. They could also make rich people pay their fair share of tax. They could require that employers pay workers enough to live on. But Congresspeople are wealthy, or else in debt to the wealthy for their campaign money. So they don't want to help the poor. They want to help the rich. People in government are not stupid or inept. They are doing what benefits themselves and their backers.It just seems like congress could have done the tax a little different to try and help everyone out and sell more EV's.
They could require that employers pay workers enough to live on.
giving money to rich people makes no sense. We all think we're entitled to perks for being EV pioneers and early adopters, but society would benefit more from spending that money on public chargers, or education, or battery research.
Yes, they could. They could also make rich people pay their fair share of tax. They could require that employers pay workers enough to live on. But Congresspeople are wealthy, or else in debt to the wealthy for their campaign money. So they don't want to help the poor. They want to help the rich. People in government are not stupid or inept. They are doing what benefits themselves and their backers.
We're lucky they're doing anything for EVs at all. The next administration probably won't.