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$7500 Tax Credit Procedures...

Discussion in 'Model S' started by jlucero, Dec 9, 2015.

  1. jlucero

    jlucero Member

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  2. MorrisonHiker

    MorrisonHiker Beta Tester

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    You have to buy a qualifying electric car as well. :wink:
     
  3. jlucero

    jlucero Member

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    lol, was assuming that as well...all NEW model S's qualify for the same $7500 right?
     
  4. Max*

    Max* Autopilot != Autonomous

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    Yes. Though not all owners qualify ;)
     
  5. MichFin

    MichFin Member

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    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
     
  6. cmarshack

    cmarshack New Member

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    Are you referring to the AMT?

    I thought this withstood the AMT...an I wrong about that?
     
  7. liuping

    liuping Active Member

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    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.
     
  8. brec

    brec Member

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    It is a credit, so ... [rest of sentence correct].

    The title of IRS Form 8936 is, "Qualified Plug-in Electric Drive Motor Vehicle Credit"

    Note that the form linked in the OP is for tax year 2014. The 2015 version appears not to be available yet.
     
  9. Max*

    Max* Autopilot != Autonomous

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    No, liuping answered for me. You need to have $7500 in taxes to get the full amount.
     
  10. jlucero

    jlucero Member

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    my accountant is asking about the following certificate? anyone know anything about this? (in the green box) tesla.jpg
     
  11. S3XY

    S3XY Member

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    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).
     
  12. PatD

    PatD Member

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    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!
     
  13. Config

    Config Member

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    Can you take this $7.5K credit in addition to the 30% rebate for home PV installs?
     
  14. gizmoboy

    gizmoboy Member

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    Yes!
     
  15. smsprague

    smsprague Member

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    Is the 30% PV install credit available for 2015 tax year
     
  16. Config

    Config Member

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    #16 Config, Dec 11, 2015
    Last edited: Dec 12, 2015
  17. smsprague

    smsprague Member

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    Does anyone know if the 30% credit is available for the installation of a electronic vehicle charger or did it end in 2014.
     
  18. Modeler

    Modeler Member

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    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.
     
  19. mmccord

    mmccord Member

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    This is incorrect. It is about the amount of taxes you pay, not the amount you owe in April.
     
  20. Max*

    Max* Autopilot != Autonomous

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    This is completely incorrect.

    [Setting fees aside, and oversimplifying it] you need to pay uncle Sam $12. You can pay $1/month off your paycheck and owe nothing in April, or you could pay $3/paycheck and get a refund of $24 in April. Or you could pay $0/paycheck and owe $12 in April. In all 3 cases you pay the same amount of taxes. It wouldn't be logical or fair to say that you can only file for the car tax credit if you underpaid your taxes throughout the year.

    It's definitely dependant on the amount of taxes you NEED to pay, and not on what you ALREADY paid.
     

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