New for 2019, or the big change in 2018?
Tax sw packages will give you estimates for 2019. For normal w-2 employees, the adjustment from base withholding should be close.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
US Federal $7,500 Electric Vehicle Credit Expiry Date By Automaker
- Thread starter seattlite2004
- Start date
-
- Tags
- Model 3
New for 2019, or the big change in 2018?
Tax sw packages will give you estimates for 2019. For normal w-2 employees, the adjustment from base withholding should be close.
I had a Tesla rep tell me that If I owe more than $3750 for the 2019 taxes I will get the $3750. If I owe less, for instance $2100, I will only get a $2100 credit.
That is true, for your total tax owed (as opposed to your April 15th final adjustement).
Rough numbers:
For 2018, if filling single, $45k gets to the full credit.
If married, then $59k is needed to hit $3,750 in tax
Simple US 2019 Federal Income Tax & Tax Rebate Calculator
He made it sound like the April 15th adjustment.
My wife and I fall in the 22% category. So I assume we are safe to get the $3750 credit? (Sorry for being so obtuse on taxes)
22% $78,950 - $168,400 —married filing jointly
The 'owed' term trips up a lot of people.
If you are above $78,950 and less than 5 dependants and no other adjustments, then yes you should have enough tax burden to get the full credit.
Thank you for the clarification. I knew that the explanation didn't sound quite right. That severe restriction probably would have been noted in the articles that refer to the credit
With the old tax law, a family of 4 making about $100K with a bit higher than average deductions would owe about $7500. Most people in the $70-$80K income range owed at least $7500. There are a lot of variables in taxes. Many people are paying less in taxes with the current tax law, but not all. People who had big mortgage and property tax deductions might be paying more.
The vast majority of people who are able to afford any brand new car worth more than the absolute minimum transportation like a Yaris probably owe at least $3750 in taxes. But again, there are exceptions. People with large investment property deductions or is in a position to take advantage of some other tax loophole will probably not owe as much as someone who gets a regular paycheck.
The vast majority of people who are able to afford any brand new car worth more than the absolute minimum transportation like a Yaris probably owe at least $3750 in taxes. But again, there are exceptions. People with large investment property deductions or is in a position to take advantage of some other tax loophole will probably not owe as much as someone who gets a regular paycheck.
It's astonishing to me how this is so confusing. A substantial amount of money you earn goes to paying taxes... shouldn't everyone have a basic understanding of how this works??
Maybe this is a better way to put it: As long as the total income tax you have to pay FOR THE YEAR is more than $3750, you will get the full credit.
Think of it as having a coupon for $20 off your next purchase at a store. If you go buy something for $15 the store doesn't give you the extra $5. The $3750 is like having a coupon for your taxes. If your total income tax you owe for the year is less than the coupon, you only get the smaller amount.
I think people think that what they have to pay/get back on April 15th every year is their tax or something.
Maybe this is a better way to put it: As long as the total income tax you have to pay FOR THE YEAR is more than $3750, you will get the full credit.
Think of it as having a coupon for $20 off your next purchase at a store. If you go buy something for $15 the store doesn't give you the extra $5. The $3750 is like having a coupon for your taxes. If your total income tax you owe for the year is less than the coupon, you only get the smaller amount.
I think people think that what they have to pay/get back on April 15th every year is their tax or something.
Wow, you missed the whole point. I said the sales rep told a different story about how the credit is dependent on how much you owe. Thankfully, a ‘helpful’ poster clarify the rep’s misinformation.
Last edited:
Similar threads
