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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?
Isn't Standard range price is out there from yesterday at $49,990?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?
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.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?
So, my liability is 7,500 or greater, I will get the whole 7,500 tax credit back next year?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)
Correct if you meet the income limit 150K etc Only question is when it ends for TSLASo, my liability is 7,500 or greater, I will get the whole 7,500 tax credit back next year?
I am curious what did your friend's "tax man" sez?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.
The whole you have to owe 7,500 thing.I am curious what did your friend's "tax man" sez?
beewang
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.So, my liability is 7,500 or greater, I will get the whole 7,500 tax credit back next year?
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.
Validating your credentials as we speakGo 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?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.