Tax credit 2023 [The tax credit discussion thread]

[Wingstoplol]

Do you have a template I can use?

 

[aparan]

My understanding is that Long Range and Performance Model Y's are eligible for $7.5K tax credit even after April 18. With the introduction of Standard range from, any official link/IRS link shows Standard range is s eligible for $7.5K after April 18?

 

[vickh]

My understanding is that Long Range and Performance Model Y's are eligible for $7.5K tax credit even after April 18. With the introduction of Standard range from, any official link/IRS link shows Standard range is s eligible for $7.5K after April 18?

Some youtubers are posting that price Standard range Y is $50K-$7.5K (almost at $40K release price!) vs SR 3 is half credit after April 18.

Knowing TSLA they will discount SR 3 but that's another topic.

 

[aparan]

Some youtubers are posting that price Standard range Y is $50K-$7.5K (almost at $40K release price!) vs SR 3 is half credit after April 18.

Knowing TSLA they will discount SR 3 but that's another topic.

Isn't Standard range price is out there from yesterday at $49,990?

My question was whether standard range model Y is eligible for $7.5K tax credit?

 

[vickh]

Isn't Standard range price is out there from yesterday at $49,990?

My question was whether standard range model Y is eligible for $7.5K tax credit?

Yes, but not sure till when. Might have to do inventory order to be safe?

 

[arbitrage000]

Isn't Standard range price is out there from yesterday at $49,990?

My question was whether standard range model Y is eligible for $7.5K tax credit?

All signs point to the MY (AWD) with 4680 batteries to be eligible for the full $7.5K. Tesla is only notifying M3 RWD to lose part of the credit on the 18th. If Tesla was going to lose credit on the MY they would have the same disclaimer up.

 

[davenlei]

Do small businesses purchasing a MYP get the $7500 tax credit? Is there anywhere to see what the qualifiers are which are in laymans terms and not crazy tax code speak?

 

[jurob]

To be clear… if I qualify for the $7,500 ev tax credit, I will get $7,500 during next years tax return as long as I paid at least $7,500 in federal taxex for 2023?

I have a friend who is insisting what I mentioned above is incorrect, according to his tax man.

 

[DP26]

the credit has nothing to do with how much tax you deposited, it matters what your liability is. The credit lowers your liability. Whether or not you pay or get a refund when you file depends on liability - (deposits+credits)

 

[jurob]

the credit has nothing to do with how much tax you deposited, it matters what your liability is. The credit lowers your liability. Whether or not you pay or get a refund when you file depends on liability - (deposits+credits)

So, my liability is 7,500 or greater, I will get the whole 7,500 tax credit back next year?

 

[vickh]

So, my liability is 7,500 or greater, I will get the whole 7,500 tax credit back next year?

Correct if you meet the income limit 150K etc Only question is when it ends for TSLA

See: Electric Vehicle & Solar Incentives | Tesla Support

 

[beewang]

To be clear… if I qualify for the $7,500 ev tax credit, I will get $7,500 during next years tax return as long as I paid at least $7,500 in federal taxex for 2023?

I have a friend who is insisting what I mentioned above is incorrect, according to his tax man.

I am curious what did your friend's "tax man" sez?

beewang

 

[jurob]

I am curious what did your friend's "tax man" sez?

beewang

The whole you have to owe 7,500 thing.

this year I owe 400, he says I would only get $400 of the tax credit back. I told him he needs a new tax guy.

 

[DP26]

So, my liability is 7,500 or greater, I will get the whole 7,500 tax credit back next year?

I don’t give away personal advice. (Generic advice is generic, and is meant to help you find your own solution.) You are making a 7500 decision. If you don’t have the expertise to make your own decision, pay someone who can. Rely on their errors and omissions insurance for accuracy. Get a written opinion.

This is well beyond spoiler recommendation, will a tire fit, etc.

 

[DP26]

Don’t blame your friends tax man. You are not getting advice from that person. Your friend is the one giving inaccurate information. Unless you spoke to the tax person directly and have a written opinion…

 

[HitchHiker71]

To be clear… if I qualify for the $7,500 ev tax credit, I will get $7,500 during next years tax return as long as I paid at least $7,500 in federal taxex for 2023?

I have a friend who is insisting what I mentioned above is incorrect, according to his tax man.

Go look at your form 1040 (this post doesn't apply to 1040EZ or anything other than a traditional 1040 form). First look at line 11, which is your AGI - if you file as an individual - if this line is greater than 150k - you won't qualify for the EV tax credit - if you file married jointly - if this line is greater than 300k - you won't qualify for the EV tax credit. Once you determine your eligibility - look at 1040 line 24 - that is your tax liability or what the federal 1040 states is your Total Tax liability. This has nothing to do with your tax withholdings - which are listed in the mini-worksheet table below line 24 as withholdings against your total tax liability - along with other calculations within other mini-worksheets which culminate in your total payments listed in line 33. If line 24 is more than $7500 then you will (unless you have an unusually complex and rare tax scenario) receive the full tax credit for your EV purchase.

 

[beewang]

Go look at your form 1040 (this post doesn't apply to 1040EZ or anything other than a traditional 1040 form). First look at line 11, which is your AGI - if you file as an individual - if this line is greater than 150k - you won't qualify for the EV tax credit - if you file married jointly - if this line is greater than 300k - you won't qualify for the EV tax credit. Once you determine your eligibility - look at 1040 line 24 - that is your tax liability or what the federal 1040 states is your Total Tax liability. This has nothing to do with your tax withholdings - which are listed in the mini-worksheet table below line 24 as withholdings against your total tax liability - along with other calculations within other mini-worksheets which culminate in your total payments listed in line 33. If line 24 is more than $7500 then you will (unless you have an unusually complex and rare tax scenario) receive the full tax credit for your EV purchase.

Validating your credentials as we speak

 

[LK1989rr]

Does Tesla Model Y Long Range still qualify for Full $7,500 Credit after April 15, 2023?

 

[Nio-tesila]

Go look at your form 1040 (this post doesn't apply to 1040EZ or anything other than a traditional 1040 form). First look at line 11, which is your AGI - if you file as an individual - if this line is greater than 150k - you won't qualify for the EV tax credit - if you file married jointly - if this line is greater than 300k - you won't qualify for the EV tax credit. Once you determine your eligibility - look at 1040 line 24 - that is your tax liability or what the federal 1040 states is your Total Tax liability. This has nothing to do with your tax withholdings - which are listed in the mini-worksheet table below line 24 as withholdings against your total tax liability - along with other calculations within other mini-worksheets which culminate in your total payments listed in line 33. If line 24 is more than $7500 then you will (unless you have an unusually complex and rare tax scenario) receive the full tax credit for your EV purchase.

What happen if you get the child credit?

 

[LK1989rr]

Does Tesla Model Y Long Range (5 Seats) still
qualify for Tax Credit in May 2023?
My Delivery Date is May.
I read somewhere that Tesla Model Y still gets this Credit.
Any new deadlines?