Tax Credit Help

[igor]

Does anyone know if is here are exlcusions based on income for the tax credit?
I looked as some previous threads and the refernced IRS forms seemed not to mention any exlusions based on income. For instance, is there a certain income that is to high to qualify for the tax credit?
Thanks

 

[Donny]

There are no exclusions for income. As long as you owe more in taxes than the credit, you get the full credit regardless of your income.

 

[kcveins]

There does appear to be an exclusion for the electrical refueling property credit (between $500-$1000) (form 8911)- it appears that if you fall under the AMT, you will not be able to get this; however, this does NOT apply to the Federal $7500 credit.

 

[Puyallup Bill]

It is a good question, as often the $7,500 tax credit is called a "rebate", which it certainly is not. Although, I guess if the tax credit causes an IRS refund, it could seem like a rebate.

I have heard of folks selling profitable assets to increase their tax liability in order to take full advantage of the credit.

 

[FlasherZ]

It is a good question, as often the $7,500 tax credit is called a "rebate", which it certainly is not. Although, I guess if the tax credit causes an IRS refund, it could seem like a rebate.

I have heard of folks selling profitable assets to increase their tax liability in order to take full advantage of the credit.

Technically, the $7,500 credit is a "non-refundable tax credit", meaning it will reduce the amount of tax liability you have for the year but the difference will not be paid to you if your tax liability is lower than $7,500.

 

[Man_Utd]

Technically, the $7,500 credit is a "non-refundable tax credit", meaning it will reduce the amount of tax liability you have for the year but the difference will not be paid to you if your tax liability is lower than $7,500.

Do you know if you can extend the tax credit over a certain time period (i.e. three years)? My friend was telling me some credits work that way.

 

[FlasherZ]

Do you know if you can extend the tax credit over a certain time period (i.e. three years)? My friend was telling me some credits work that way.

Nope. One shot, the tax year you bought the vehicle.

 

[100thMonkey]

We are owed a considerable amount of money this year and since last year's filing was such a nightmare (took 6 months to get our refund, no explanation) we will likely file without the EV tax credit and do an amended filing later after we get the bulk of OUR money back.

 

[kcveins]

We are owed a considerable amount of money this year and since last year's filing was such a nightmare (took 6 months to get our refund, no explanation) we will likely file without the EV tax credit and do an amended filing later after we get the bulk of OUR money back.

If you received delivery on 2/9 (2 days after mine :biggrin then you will be filing for the credit for 2013, not 2012, so this will be for next Feb/March.

 

[dgmanny]

I bought a chevy volt in the 4th quarter 2012 thinking that it would take a year to get the tesla. My tesla is now scheduled to be delivered at the end of march. Even though I really like the volt I am considering trading it in. Does anyone know if selling the volt within the year could cause an issue with the federal tax credit 7500 I filed for in 2012? I plan on filing for a credit for tesla in 2013. Thanks.