borntorun10
Member
So line 16 for me is a little of 26k in taxes. How does the 7500 apply?In rough strokes:
Line 34 (without credit) isn't relevent.
It's line 22 of your 1040 without EV credit included, or line 16.
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So line 16 for me is a little of 26k in taxes. How does the 7500 apply?In rough strokes:
Line 34 (without credit) isn't relevent.
It's line 22 of your 1040 without EV credit included, or line 16.
you should have stopped paying taxes in 2023 as soon as you knew you were eligible for the $7500 ev tax credit b/c its taken off what you owe. if you don't owe the IRS any money the ev tax credit won't benefit you.knew I was getting a refund this year.
Yeah, you should probably get the full 7,500 assuming you were under the income limits.So line 16 for me is a little of 26k in taxes. How does the 7500 apply?
I don't think that's how a tax credit works. According to my CPA, it is based on my tax burden (taxes owed for the entire year based on income, deductions, expenses, etc.), not on the additional amount I may owe when I pay my taxes.you should have stopped paying taxes in 2023 as soon as you knew you were eligible for the $7500 ev tax credit b/c its taken off what you owe. if you don't owe the IRS any money the ev tax credit won't benefit you.
my wife got her M3 at the beginning of Feb 2023. i stopped all income tax from my work, and i told her to do the same. so we only paid Fed taxes for Jan 2023. i had estimated that we would owe around $10-12,000 in income tax for 2023, i also sold enough stocks at a loss, and can deduct Capital Losses.
The credit comes off your tax liability, not your tax due.you should have stopped paying taxes in 2023 as soon as you knew you were eligible for the $7500 ev tax credit b/c its taken off what you owe. if you don't owe the IRS any money the ev tax credit won't benefit you.
Only $3k of capital losses can be used to offset normal income per year.also sold enough stocks at a loss, and can deduct Capital Losses.
I don't like big "refunds" of my own money either but Make sure that you're withholding at least 90% of what's due though, or there is a penalty.ah ok, my bad, got confused between "non refundable" and "tax refund". but i was still able to invest all that money throughout the year. sell off enough stocks at a loss to get the $3,000 capital losses, and wait till April to file and pay my taxes. i'm doing the same thing this year too, not withhold any Fed taxes and investing it.
You can take the credit in 2024 if you qualified in either 2023 or 2024, so it looks like yes.2023 married filing joint < $300k
2024 married filing separately > $150k
If I buy MY or MX now(2024), would I qualify?
It's March 17th and H&R Block pushed back the release of their form 8936 for another week. Now they're saying it will be available on Friday 3/22. They've been pushing it back a week at a time since February 16th. We said F*** it and bought TurboTax, it worked just fine. It's obvious H&R Block has an internal problem where they can't get the form into their software. Every time we electronically filed, it would kick back with an error message - Form 8936 Not Available Yet.No, the IRS has finalized that form months ago. It appears that HR Block has not finalized it. I filed a month ago and have already received refund using another tax service.
No, modified AGI has carveouts for foreign income.Basic qs on EV tax credit. It says "Modified AGI under $150,000" for single filing. If someone makes AGI of 151000, the std deduction will take it under 150K. In that case is one eligible for the EV tax credit?
However, you can qualify under your 2023 AGI/ filing status if that helps.Your modified AGI is the amount from line 11 of your Form 1040 plus:
• Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income.
• Any amount excluded from gross income because it was received from sources in Puerto Rico or American Samoa.
If your filing status changes between the preceding year and the current year, you may claim the New Clean Vehicle Credit if your modified AGI is less than or equal to the threshold applicable to your filing status for in the preceding year or current year
After all the deductions, if the taxable income dips below 150K, can one claim the tax credit?However, you can qualify under your 2023 AGI/ filing status if that helps.
NO! AGI - adjusted GROSS income, not TAXABLE income. Adjustments are clearly spelled out on your 1040 and are not the "deductions".After all the deductions, if the taxable income dips below 150K, can one claim the tax credit?
Sorry, I lost track of years, the point was eligibiltyundrr currentir previous year. Can you make additional 2023 schedule 1 deductions to fit under? HSA or IRA contributions might work.After all the deductions, if the taxable income dips below 150K, can one claim the tax credit?
Your tax goes up by the credit amount. It may be treaded the same as any other underpayment . If do, you can adjust your 2024 withholdings once you know you won't qualify.Getting ready to place an order on a LR Model Y. Wife and I had MAGI exceeding limit of $300k last year, which included proceeds of sale from an investment property. For 2024, will be come in right around the income limit. If we take a POS credit off the purchase price I understand we will have to “pay back” the $7500 credit when we file if we end up going over the income limit. Would we also be accessed a penalty or interest in that event?
What options are available to reduce our MAGI? Believe I read we can take up to $3,000 in capital gain losses against our ordinary income? What about declared losses on an investment property?
TIA!
Thank you!Your tax goes up by the credit amount. It may be treaded the same as any other underpayment . If do, you can adjust your 2024 withholdings once you know you won't qualify.
IRA and HSA contributions lower your AGI.