Discussion: Model Y General Waiting room for orders placed After January 2023

[thetuk]

The correction to this would be the following:
$50k taxes owed
$7.5k tax credit.
——————————-
42.5k tax owed after credit
50k withheld on payroll
———————————-
7.5k refund.

The refund is not from the tax credit. The refund is from the excessive withholding.

Better way to understand the “non refundable” credit is like this

5k taxes owed
5k ev tax credit claimed
——————————
0 taxes owed
5k taxes withheld
——————————
5k refund.

In the scenario above you lose out on 2.5k credit because it is no refundable. Non refundable credit will always lower your tax liability as a total. But once your tax liability hits zero, even if you have credits left, you can’t use it.

Withholding, if you have excessive withholding, you will get it back. In both the case above.

@KangThe - is it then true to say that as long as taxes owed is at least 7,500 (Line 24 on Form 1040), we get the full 7,500 credit, no matter how much tax withheld is?

 

[WyoDude]

While I was waiting for VIN to be assigned (EDD : 2/4 - 2/18), I kept checking my local inventory and this evening I saw one 7 Seater white on white pop up in the inventory. It's a PF vin.

I immediately worked with my agent to purchase that and aligned with him to cancel my current order once I pick the local one this week..

Do keep an eye on your local tesla inventory. You may just get lucky.

A 7 seater in local inventory seems very lucky - congrats!

 

[KangThe]

@KangThe - is it then true to say that as long as taxes owed is at least 7,500 (Line 24 on Form 1040), we get the full 7,500 credit, no matter how much tax withheld is?

Exactly. Before you put in the ev credits details. If line 24 on 1040 has an amount over 7,500 you would get the full credit regardless of how much tax is withheld.

But when you finalize the return. The EV credits will show up in line 20. And lower your tax due by 7,500. So line 24 will be the remaining tax due. And that tax due will go against the withholdings and any withholding in excess of line 24 will be refunded.

 

[TE5IA]

I agree with @Ray_R . The tax credits has nothing to do with the tax withheld on your paycheck (this is the taxes you prepaid against the "estimated taxes owed").

Taxes owed = tax liabilities on your taxable income.

Non-refundable tax credits example:
#1 If you make $150k/year, after all non-taxable deducdtions (401k, FSA, etc) your taxable income is $100k. That leads to 8.5K tax liabilities (or taxes owed) to the IRS. You had your company withheld $6.5K from your paychecks. Then you will need to cut $2k check to the IRS with your tax return. If you are claiming $7.5K EV credits, you will get a $5.5K (6.5K+($7.5K-$8.5K)) refund instead. You get full $7.5K credits because your tax liabilities (or tax owed) is $8.5K.

#2 Same as above, if your tax liabilities are $4.5K, you will get $6.5K refund ($6.5K + ($4.5K-$4.5K)), the EV credits are reduced to $4.5K which is the amount you owed. The $6.5K was your own money that was withheld on your paychecks.

Refundable tax credits example:
#3 Same as #2 above, IF this is refundable EV credits, you will get $9.5K refund ($6.5K + ($7.5K-$4.5K)), you will still get full $7.5K credits even you owe less than $7.5K.

@thetuk Are you sure to be able to claim the $7.5K credits next year? If so, you can reduce your withholing by updating your W-4. That way, you can get the refund sooner and not in the middle of next year.

This is also my understanding. Also, IRS would never encourage anyone to not withheld enough tax upfront and keep it unpaid until tax filing.

 

[WyoDude]

No. You can only claim the credit in the year you take the delivery.

You can use prior years income to determine eligibility. For example, in FY2023 you income is 180k and don’t qualify for the tv tax credit but in TFY2022 you income was only $130k then you can use that years income to claim the credit in FY2023. But if you took delivery in 2023, you cannot claim the tax credit in 2022 tax return.

Thanks, you got to my question before I deleted it. I was pretty sure this was wrong and I was catching up on posts. Saw this answered like 3 times on the next page, ha.

 

[Andrometer4]

Question about final payment:
My bank does not issue cashier's checks, so I am considering a direct electronic payment. I tried linking my institution in the Tesla app, and it seems to work, but I stopped the process when it appeared that the payment would be processed immediately (which would be silly, since the car is still two weeks away). Has anyone paid their final balance trough the app? How was the experience? How far in advance of delivery were you required to pay?

I have paid electronic fund transfer (EFT) via the plaid app which is how Tesla does EFT payments. I did not pay until after inspecting accepting the vehicle on delivery day. It works just as well as handing over a cashier's check on delivery.

 

[CuriousVJ]

White with black interior + tow hitch
Order date: 01/27. EDD: Jan-March
1/31 update EDD: 03/17-03/31

 

[PewPew]

Question about final payment:
My bank does not issue cashier's checks, so I am considering a direct electronic payment. I tried linking my institution in the Tesla app, and it seems to work, but I stopped the process when it appeared that the payment would be processed immediately (which would be silly, since the car is still two weeks away). Has anyone paid their final balance trough the app? How was the experience? How far in advance of delivery were you required to pay?

I used the Tesla app for my first delivery day attempt; submitting the payment was quick and easy. I was told I had to send final payment 24 hours before my delivery date.

Keep in mind when paying with the app/plaid, if you end up rejecting your build/VIN on delivery day for whatever reason, it can take weeks for Tesla to refund you your payment. I wish I would have known that beforehand, as I ended up having to reject mine.

 

[rr_92]

Congrats on the VIN. MY EDD is 2/4 - 2/11 so we Maybe on the same truck. Let me know what you delivery date comes to be.

Thanks, same to you as well! And sure, I will lyk. Hoping I get a text or notification to schedule soon so I can make arrangements and be prepared.

Are you also waiting for a text/notification to be able to schedule your delivery date/time?

Update:

01/27: Mobile charger shipped
01/30: VIN assigned early AM, PF669XXX
Updated EDD: 02/08 - 02/14

Very excited! Hopefully I get the matrix lights too like others have been mentioning as it's out of Fremont!

Good luck to the rest of you guys!

Probably we have those in the same batch. Mine is PF665xxx. I have confirmed the Matrix headlights by message. PPF is not for the area though.

Mine is PF662xxx (Fremont build) so our cars could possibly be on the same truck (our delivery locations are probably different though)

I'm in the same boat:
NJ
OD: 1/15 @3pm
White/Black/19/5/No tow
EDD:2/7-3/7
No VIN

I think the NJ people that have both their VIN and EDD in the next 1-1.5 weeks ordered on 1/13 or 1/14 so hopefully yours comes soon.

 

[Andrometer4]

I used the Tesla app for my first delivery day attempt; submitting the payment was quick and easy. I was told I had to send final payment 24 hours before my delivery date.

Keep in mind when paying with the app/plaid, if you end up rejecting your build/VIN on delivery day for whatever reason, it can take weeks for Tesla to refund you your payment. I wish I would have known that beforehand, as I ended up having to reject mine.

Tesla tries to get you to pay before delivery, but you don't have to. Paying with EFT is the same as paying with cashier's check. If you don't give cashier's check before delivery, then don't transfer funds before delivery. Then there is no need to worry about a refund if you reject. FYI this is not my first rodeo, I mean Tesla purchase :}

 

[Cyclone]

That is my understanding as well. The credit applies toward your liability, and if your liability is less than the credit they will not give you the difference. Example - if your liability is $5,000 the credit will reduce it to $0 and you will not get the other $2,500. Your tax refund would then depend on how much you paid in taxes throughout the year plus any other credits that are refundable such as the Child Tax Credit.

This is a correct understanding. Others have shared the same, but this is nicely succinct.

 

[NIGHTHAWK98]

That isn’t what the bill says? Is it? I thought processing year only referred to income.

The tax credit is for the year the vehicle was placed in service. Also not everybody gets the full tax credit. You must have liability of 7500 to take advantage of the full tax credit

 

[jhirsch123]

Picking mine up tomorrow from Springfield NJ. I will go to the bank and get a cashiers check. Are there instructions on what details? Who to make it out to, if the “RN” order number goes in the check memo?

Regarding any issues, can I ask them to be address before taking delivery? Hoping they let me inspect the interior before paying so I can give the steering wheel a jiggle to make sure it’s on good and tight

 

[nerdybirdy12]

WI
MYLR White/black
OD: 1/14
EDD: 1/31-2/28 (still no change)
Mobile charger should be delivered 2/2
VIN: not yet
Trade offer: had to push for mine to come back after waiting over a week.

Update last night:
MYLR White/Black, no add ons
OD: 1/14
EDD: 1/31-2/28
Updated EDD: 2/10-2/24
No VIN

It seems an updated EDD means its close!

 

[NeverGoingBack]

Posted this a couple days ago in another thread, but wanted to get in on action over here. EDD just got updated to Feb12 - Mar 12 so not worried about conflict with grandkid visit any more.

I couldn’t take driving ICE for my second car any more. Sheesh …… after having a MYLR5 since May 2021, the driving experience with our little Honda HR-V has been completely ruined. Used to think it was a nice little car, but now I’m fed up with:

• Buying gas (not that it uses much …. Just the yucky gas station/pump experience)
• Horrible performance (Continuously Variable Transmission + small engine = 0-60 in 10 seconds)
• Vibration and noise
• Steering the car myself
• Dragging it in for regular maintenance and oil changes
• Terrible navigation system with unintelligible display
• Uncomfortable seats
• Using the brake pedal
• Remembering to turn off the engine before I get out
• Buttons and knobs everywhere
• Etc

So, now I’m in line with you folks for a M3RW black-on-black with Aero wheels. Have EAP on the Y, so no need. Heading out to visit grandkids over next week or so, so it will be annoying if they find me one real fast. I’ll have to decline that if they do. Hopefully looking at a several week wait.

 

[Mayo]

Picking mine up tomorrow from Springfield NJ. I will go to the bank and get a cashiers check. Are there instructions on what details? Who to make it out to, if the “RN” order number goes in the check memo?

Regarding any issues, can I ask them to be address before taking delivery? Hoping they let me inspect the interior before paying so I can give the steering wheel a jiggle to make sure it’s on good and tight

Make your cashiers check payable to the exact amount Tesla has indicated was your balance owed after your loan payment is deducted. The cashiers check should be payable to TESLA MOTORS INC Include your RN #

 

[NJ08809]

Update last night:
MYLR White/Black, no add ons
OD: 1/14
EDD: 1/31-2/28
Updated EDD: 2/10-2/24
No VIN

It seems an updated EDD means its close

It's a good sign that they narrow down the date range to two weeks. The same happened to me before I received my VIN a few days back. I ordered on early morning 1/14. Your VIN should be on the way in no time.

 

[NIGHTHAWK98]

Hey guys, question -

So I got approval and everything from 3rd party loan, but they said they need the final contract with the VIN and mileage before they send me the money.

How do we find this info? I don't see the mileage anywhere on the Tesla App or email/texts.

I told them I need the money before I can take delivery. Our Tesla Raleigh center never picks up. Called and was on hold twice for almost 1 hr each.

Hello You would need to log on to your tesla account inline, click manage on the vehicle youve ordered and find the MVPG which is the motor vehicle purchase agreement. Your bank would need this document to finalize your loan. They will need to appear on page 2 of the motor vehicle purchase agreement Section 5 credits and appear on line d which would list them as the finance company and also list the finance amount. For then to appear on the MVPG you will need to select financing in the tesla app and fill out their information for what you were approved for and when the vin is issued you will get the MVPG on your tesla account.

 

[NJ08809]

Picking mine up tomorrow from Springfield NJ. I will go to the bank and get a cashiers check. Are there instructions on what details? Who to make it out to, if the “RN” order number goes in the check memo?

Regarding any issues, can I ask them to be address before taking delivery? Hoping they let me inspect the interior before paying so I can give the steering wheel a jiggle to make sure it’s on good and tight

Just a reminder, you actually don't need to open the door. You can see from the outside if the steering wheel is on or not
BTW, you also want to include your name in the memo on the cashier's check besides your RN#. This is from the Tesla webpage. Have fun with your delivery!

• Bank-certified check (your reference number and name must be in the memo line)

 

[NJ08809]

It's a good sign that they narrow down the date range to two weeks. The same happened to me before I received my VIN a few days back. I ordered on early morning 1/14. Your VIN should be on the way in no time.

FYI. I got my VIN 2 days after a 2-week EDD window was assigned. It's coming ...