California $2500 rebate income limit based on which year's income?

[Quesder]

Hi all,
I ordered a Tesla and the delivery date is in March. I will apply CA rebate to get $2500 inventive.
my last year's income is below $300,000 limit, and I estimate this year it won't surpass $300,000 as long as I don't sell any stock shares.

But this really makes me uncomfortable because I am afraid that the stock price might drop any time in this year.

So, when I take the delivery, can I apply for the $2500 CA rebate immediately using 2016 income, or do I have to provide evidence of 2017 income and apply in 2018?

I should have asked this question last year when I was ordering...

 

[jeffro01]

Income Eligibility

Google is your friend here... Says right there under the income chart what documentation they require...

Jeff

 

[Quesder]

Looks like I need to provide 2016 income ? So I can make money without any concern this year.

 

[phaduman]

When I applied for the rebate in Oct 2016 (rushed before the income limit dropped), I used the completed 2015 tax returns. No issues.

For you, you need to send the "completed/approved" income statement. In your case, I think it would be 2016 income.

 

[hmmm]

(before someone gets on my case, yes, I will/should consult a tax professional.)

Now that this is out of the way, I am curious to see how one should interpret the regulations:

a) I understand the income limitations but
b) I am confused by the household restriction (ie living under the same roof, sharing expenses...).

If I am a single filer, none of the restrictions/calculations re. to household should not apply, correct? for instance, a "roomate" type of situation...

 

[oktane]

If you are a single filer, your "roommate" would not count towards your income limit as a single filer. Of course you can't use the joint filer limits.