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Tax credit 2024 [The tax credit discussion thread]
- Thread starter vickh
- Start date
ucmndd
Well-Known Member
That question was answered a couple pages ago. You can’t - has to be done by December 31.
I had posted several pages back that we were denied the federal POS credit because the information didn't match 1:1 with the IRS. My husband was primary, and I was secondary. We ended up forfeiting the $250 deposit because we had to cancel -- Tesla couldn't or wouldn't work with us to get around this. Flash forward two weeks: we tried again with me as the primary and my husband secondary, willing to claim it on next year's taxes if necessary, but the POS went through! Perhaps it was timing: our first order was the day after the POS went live? Regardless, I'm relieved.
I knew Massachusetts also offered a $3,500 incentive, but I thought it was a rebate -- turned out it, too, was POS. We bought a 2024 Red MYLR with an inventory discount of $5,100 + $7,500 federal + $3,500 MA, saving $16,100 in all.
I knew Massachusetts also offered a $3,500 incentive, but I thought it was a rebate -- turned out it, too, was POS. We bought a 2024 Red MYLR with an inventory discount of $5,100 + $7,500 federal + $3,500 MA, saving $16,100 in all.
teething issues+poor training. Glad you got it POS though, since they're a lot of issues in '23 and this thread to claim after the fact too. worth the extra $250 IMO!
If you take the credit at point of sale, your tax liability doesn't matter. If claiming at filing, you can only claim up to your tax liability.
Income limits still apply for both.
I’m concerned about the name issue. On my 15400 form my first and middle names are abbreviated.
However, in the very next box is my ss#. Hoping this is not an issue.
ucmndd
Well-Known Member
I wish TSLA would put model year/vin # on their inventory page https://www.tesla.com/inventory/new/my?arrangeby=plh&zip=85301&range=200
rather than click on every car
Where do u see that once you click on the car? I don't even see that?
The only time I've seen a VIN is when following a link a Tesla sales advisor sent me.
I am considering buying the Model Y RWD before Feb 28th. However, I am not sure if I qualify for the $7500 federal tax credit, even though I might get it now at POS but worried if I will have it pay it back later.
Here is my situation. My 2022 AGI is <300K. I haven't done my 2023 taxes yet, but my 2023 AGI will be >300K. My 2024 AGI will also be >300K.
If I buy the Model Y RWD now, I have to show them my 2022 tax returns and will be able to get the $7500 off at POS. However, when I do my 2023 taxes later, or when I do my 2024 taxes next year, will I have to pay back to IRS the $7500?
I asked Tesla this question but they couldn't answer it. They did say if my 2022 AGI is <300K, I will get $7500 off at POS, but couldn't tell me if I have to pay it back in future. I am hoping someone on this forum can provide the correct guidance. Thanks in advance.
Here is my situation. My 2022 AGI is <300K. I haven't done my 2023 taxes yet, but my 2023 AGI will be >300K. My 2024 AGI will also be >300K.
If I buy the Model Y RWD now, I have to show them my 2022 tax returns and will be able to get the $7500 off at POS. However, when I do my 2023 taxes later, or when I do my 2024 taxes next year, will I have to pay back to IRS the $7500?
I asked Tesla this question but they couldn't answer it. They did say if my 2022 AGI is <300K, I will get $7500 off at POS, but couldn't tell me if I have to pay it back in future. I am hoping someone on this forum can provide the correct guidance. Thanks in advance.
you don't have to show them anything, its on your word.
A6. Not later than the time of sale, you must provide the registered dealer with the following:
but if your BOTH 2023 and 2024 tax returns shows you were over the $300K limit then you will have to pay the $7500 back.
www.irs.gov
A10. If your modified AGI exceeds the limitations for the taxable year, you will be required to repay the amount received for transferring the tax credit as an addition to tax for the tax year the vehicle was placed in service.
Q6. What information do I need to provide to the registered dealer and when? (added Oct. 6, 2023)
A6. Not later than the time of sale, you must provide the registered dealer with the following:
- Date of the transfer election.
- Your taxpayer identification number.
- A photocopy of your valid, government-issued photo identification document.
- An attestation, that either:
- Your prior year modified AGI did not exceed the modified AGI limitation, or, if not known, to the best of your knowledge and belief, your prior year modified AGI did not exceed such limitation, or
- To the best of your knowledge and belief, your current year modified AGI will not exceed the modified AGI limitation. See Topic B, FAQ 1 and Topic E, FAQ 1.
- For new clean vehicles, an attestation that the vehicle will be used predominantly for personal use.
- For previously owned clean vehicles, an attestation (or declaration) that you are a qualified buyer. See Topic D FAQ 4.
- An attestation that you will file an income tax return for the taxable year in which the vehicle is placed in service on or before the due date of the return (including extensions), reporting your eligibility for the New Clean Vehicle Credit or Previously Owned Clean Vehicle Credit, as applicable, including the vehicle's VIN, and your election to transfer the credit to the dealer and repaying any credit amounts subject to recapture (if applicable).
- An attestation that you are making this election prior to placing the vehicle in service and this is the first or second transfer election you have made during the taxable year.
- An attestation that in the event you exceed the applicable modified AGI limitations, you will repay the amount received as an addition to tax for the tax year the vehicle was placed in service.
- An attestation that you have voluntarily elected to transfer the credit.
but if your BOTH 2023 and 2024 tax returns shows you were over the $300K limit then you will have to pay the $7500 back.
Topic H — Frequently asked questions about transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicles Credit | Internal Revenue Service
Topic H — Frequently asked questions about transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicles Credit
Q10. What if I end up exceeding the modified AGI limitations for the year? (added Oct. 6, 2023)
A10. If your modified AGI exceeds the limitations for the taxable year, you will be required to repay the amount received for transferring the tax credit as an addition to tax for the tax year the vehicle was placed in service.
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