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Seems to me line 5B credits the $250 order fee. In this case, you paid $250 to order, then $53,956.88 at pickup for a total of $54,206.88. Am I reading something wrong?The $250 reservation fee is not credited toward the vehicle price. If you buy a vehicle which costs $48,000, then you will pay $48,250 plus other fees and taxes. Here's my purchase agreement. You'll see they added the $250 to the purchase price, then gave credit for the $250 paid. You do pay taxes on the order fee, just like on the destination fee. This is in Texas, may be different in other States.
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In the top section, the $250 was added to the vehicle price and the destination charge to get the total price of the vehicle of $50,630. Then, taxes and registration fees were calculated on that amount for a total of $54,206.88. Then, they gave me credit for what I had paid, $250 in advance and $53,956.88.Seems to me line 5B credits the $250 order fee. In this case, you paid $250 to order, then $53,956.88 at pickup for a total of $54,206.88. Am I reading something wrong?
Gotcha. I missed it in the top section.In the top section, the $250 was added to the vehicle price and the destination charge to get the total price of the vehicle of $50,630. Then, taxes and registration fees were calculated on that amount for a total of $54,206.88. Then, they gave me credit for what I had paid, $250 in advance and $53,956.88.
The $250 was credited toward the total price of the vehicle, which included the $250 order fee. It was not credited toward the $48,990 advertised price of the vehicle. Yes, I was credited for paying the $250, but only toward the $250 fee which was added on to the vehicle price.
Quick question everyone.
I bought a tesla model y 2023 i am using turbo tax. when i fill in the vehicle information number and date of service it says i qualify for 3500, not the the 7500.
We are a family of 4 with an agi of 59k
I highly doubt you have $7,500 or more of tax liability.We are a family of 4 with an agi of 59k
i believe soY qualified for the full $7,500 crefit all last year (assuming MSRP under $55k). However, the credit is not refundable. Is $3,500 your total tax liability
It seems like TurboTax is doing the right thing then.i believe so
The credit is not refundable, so it only offsets liability to the extent that you have it. If your tax liability for the year is only $3500 (which is a reasonable estimate given your income and family size), then that’s all you’ll get.i believe so
This is why I like this year's point of sale system everything gets check up front at the point of sale I believe. Unless it gets reconciled later too?The credit is not refundable, so it only offsets liability to the extent that you have it. If your tax liability for the year is only $3500 (which is a reasonable estimate given your income and family size), then that’s all you’ll get.
With the 2024 POS credit they’ve decided they won’t hunt down people without enough tax liability to recoup the difference - effectively making the credit refundable.This is why I like this year's point of sale system everything gets check up front at the point of sale I believe. Unless it gets reconciled later too?
It's not a matter of the IRS being nice and not hunting you down, yhe point of sale credit is classified differently in the actual legislation and there is nothing for them to hunt you down for. (Other than exceeding the income limit, but that is covered in the law also.)With the 2024 POS credit they’ve decided they won’t hunt down people without enough tax liability to recoup the difference - effectively making the credit refundable.
Upper income limits do still apply - if you take the POS credit and are above the income cap they WILL take it back from you.
Maybe you can convert a IRA to a Roth IRA to bump up your tax responsibility for 2023.i believe so
Semantics… outcome is the same. The credit has effectively become refundable.It's not a matter of the IRS being nice and not hunting you down, yhe point of sale credit is classified differently in the actual legislation and there is nothing for them to hunt you down for. (Other than exceeding the income limit, but that is covered in the law also.)
ahh Good info! I was good with the upper-end income limit last year.With the 2024 POS credit they’ve decided they won’t hunt down people without enough tax liability to recoup the difference - effectively making the credit refundable.
Upper income limits do still apply - if you take the POS credit and are above the income cap they WILL take it back from you.
that one time we need turbotax to mess up lol Thank you allIt seems like TurboTax is doing the right thing then.
that one time we need turbotax to mess up lol Thank you all