lol, was assuming that as well...all NEW model S's qualify for the same $7500 right?
Yes. Though not all owners qualify![]()
AMT does not effect the EV tax refund, but not everyone has $7500 in tax liability.Are you referring to the AMT?
I thought this withstood the AMT...an I wrong about that?
AMT does not effect the EV tax refund, but not everyone has $7500 in tax liability.
It's not a credit, so if you don't owe that much tax in the year, you will not get the full $7500.
Are you referring to the AMT?
I thought this withstood the AMT...an I wrong about that?
I think what you mean is that it's not a refundable credit, i.e. if your tax liability is less than $7500 (say $6000) you do not get a refund check for the difference ($1500).AMT does not effect the EV tax refund, but not everyone has $7500 in tax liability.
It's not a credit, so if you don't owe that much tax in the year, you will not get the full $7500.
You have owe at least $7500 in taxes. Not to be confused with refund or payment at the end of the year.
For example line 47 of your 1040 tax form must be > $7500
Can you take this $7.5K credit in addition to the 30% rebate for home PV installs?
Is the 30% PV install credit available for 2015 tax year
If someone has this problem (Is driving a Model S and doesn't owe at least $7500 in taxes), please forward me your tax accountant's number ASAP!
Actually, it's pretty easy to get yourself in a situation where you don't owe $7500. It is not about your total taxes, but the mount you owe at the end of the year. If you were not under withholding, you would not have an amount to pay. I ended up cancelling my Q4 estimated tax payment completely to ensure I have over $7500 still to pay come April 15.
Actually, it's pretty easy to get yourself in a situation where you don't owe $7500. It is not about your total taxes, but the mount you owe at the end of the year. If you were not under withholding, you would not have an amount to pay. I ended up cancelling my Q4 estimated tax payment completely to ensure I have over $7500 still to pay come April 15.