scottf200
Well-Known Member
I'm not please about it either. Picked up our all new 2nd gen 2016 Volt yesterday. It was late as well though ... by ONE week, however!
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Tracking and reporting of reservations, orders, and deliveries
- Thread starter Paul Carter
- Start date
aija SigX 649
Winged Lion
This is probably my biggest gripe with regard to the delays! Will sting for a while!
vangogh
Member
dwebb66
Member
My understanding is that you still get the $2,500 in California if you make <$250,000.
No, you adjust your work place's paycheck witholding. You can reduce federal witholding by 650 per month through the whole year. You can also reduce it by 1000 for 7 months if you wish and if your HR department will work with you.
CmdrThor
Active Member
Exactly. The IRS gets your money throughout the year one way or another. Whether that be through W2 withholding or estimated taxes. It's up to you to have the proper amount withheld. If you have too much withheld (i.e. you are expecting a $7500 credit but you don't account for it) you are giving the government an interest free loan. If you have too little withheld, you have to pay a penalty. If you have just the right amount withheld, you win.
I had my withholdings adjusted for 2015 for the LEAF I purchased in March, so it will be easy for me to just leave everything the same to take the credit again in 2016 for Model X.
favo
P3D+ owner
Everyone who is getting a Tesla is getting one of the best cars in the world.
Thanks, Elon.
(Glass half-full perspective.)
Thanks, Elon.
(Glass half-full perspective.)
scottf200
Well-Known Member
This is only done through a W-4, correct? So if 0 deductions doesn't do it can you enter a negative/- number on this line "Additional amount, if any, you want withheld from each paycheck"?
Looks like there are several calculators out there to help with this. w-4 calculator - Google Search
W-4 form: https://www.irs.gov/pub/irs-pdf/fw4.pdf
CmdrThor
Active Member
Yes, it is the W-4 form, not W2. I don't think you can put a negative number in additional amount you want withheld. But increasing your deductions reduces the amount withheld. In order to reduce my withholding enough to cover the $7,500 credit I had to put in something like 10 deductions.
Mark Z
Active Member
I wonder how many reservation holders did that in 2015, thinking that their Model X Signature would be delivered by the end of the year?
scottf200
Well-Known Member
I think you get have to pay a penalty if you underpay (and is varies a lot from the previous year) ... not that I've ever experienced that
dirkhh
Middle-aged Member
If you underpay by more than 10% then you could end up with a penalty or under certain circumstances be forced to do quarterly estimated payments.I think you get have to pay a penalty if you underpay (and is varies a lot from the previous year) ... not that I've ever experienced that
There are provisions in the law that allow the IRS to waive the penalty if there are external circumstances that could be seen as mitigating ("casualty, disaster, or other unusual circumstance"). I'm sure the non-delivery of a Signature reservation falls under "disaster".
I think people would only do this if they make their purchase early in the year and don't want to wait until the following year for the $7500 tax credit. If you expect the car to be delivered at the end of the year, it's probably better to just wait a couple months and claim it when filing at the beginning of the new year.
vangogh
Member
scottf200
Well-Known Member
Got an e-mail today that our six-seater was in production. No other info as to completion or delivery. Sig VIN 700s.
I think you get have to pay a penalty if you underpay (and is varies a lot from the previous year) ... not that I've ever experienced that
You can send a $7500 estimate check to "catch up" within December - I think it can be done online. Then you're all set. If you don't have the ability to send a 7500 check, you shouldn't be buying a Tesla
tide
Member
You get asked to pay when your DS gets around to finalizing things. It doesn't have a tie to delivery dates, except very loosely (you're guaranteed to get it before it's delivered).
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