question about $7500 federal credit from tesla

[BulletBaskar]

suppose, for suppose nenu ee year end ki $0 kattali to IRS

because i got tesla this year, will i get check for $7500 or i will not get anything since i don't owe anything to IRS?

 

oka set of friends, doesn't matter ostayi antunnari
oka set of friends, ledu ledu, you need to owe something to IRS and then IRS andulo deduct chestadi antunnaru

clarity ga ee muchata clarify cheyandi mee mohal manda

[idibezwada]

say you made 100k and you fall under 22% tax bracket, you pay 22k in taxes for the year...now you will receive 7.5k back and only pay 14.5K

[BulletBaskar]

1 minute ago, idibezwada said:

you will get $0

suppose okathaniki IRS vaade $5000 kattali anuko
then $5000 check pampistadu ga?

aa $5000 tho paatu $7500 kuda pampali ga mari?

[csrcsr]

5 minutes ago, BulletBaskar said:

suppose, for suppose nenu ee year end ki $0 kattali to IRS

because i got tesla this year, will i get check for $7500 or i will not get anything since i don't owe anything to IRS?

 

oka set of friends, doesn't matter ostayi antunnari
oka set of friends, ledu ledu, you need to owe something to IRS and then IRS andulo deduct chestadi antunnaru

clarity ga ee muchata clarify cheyandi mee mohal manda

If you purchased and received delivery of an EV in 2022, and you're wondering how to claim the credit on your 2022 return, most of the old credit rules still apply. Here’s a recap of how the tax credit works for the 2022 tax year:

• The credit is worth $2,500 to $7,500, depending on the car’s battery capacity.

• Credits are reduced and eventually phase out after a manufacturer sells 200,000 qualifying vehicles. This makes EVs from Tesla and GM ineligible.

• You must own the car. Used or leased cars don’t qualify.

• The car must weigh less than 14,000 pounds.

• The credit is nonrefundable; it can lower your tax bill to zero, but it won’t result in a refund.

  This is easy to over come no ? like modifying the w4 for some days so that you won't get tax deducted every month and you owe some taxes at year end ?

   

[BulletBaskar]

1 minute ago, csrcsr said:

If you purchased and received delivery of an EV in 2022, and you're wondering how to claim the credit on your 2022 return, most of the old credit rules still apply. Here’s a recap of how the tax credit works for the 2022 tax year:

• The credit is worth $2,500 to $7,500, depending on the car’s battery capacity.

• Credits are reduced and eventually phase out after a manufacturer sells 200,000 qualifying vehicles. This makes EVs from Tesla and GM ineligible.

• You must own the car. Used or leased cars don’t qualify.

• The car must weigh less than 14,000 pounds.

• The credit is nonrefundable; it can lower your tax bill to zero, but it won’t result in a refund.

  This is easy to over come no ? like modifying the w4 for some days so that you won't get tax deducted every month and you owe some taxes at year end ?

   

thanks bro

[SRK_SRK]

nuvu every month federal tax kattindi year motham kalipi if it is more than $7,500 than you will receive it otherwise nope

[usetime63]

No refund , if you don't owe anything.

No refund, if combined salary is more than 300k. 

[Telugodura456]

6 minutes ago, usetime63 said:

No refund , if you don't owe anything.

No refund, if combined salary is more than 300k. 

 

[MandarUncle]

@csrcsr bro. I was in same boat. I purchased Tesla May 2023 and I get some refund every year from irs. If that is the case I will not get EV Tax credit right? Is there any way where I don’t pay much taxes for next couple months. So that I owe money to irs and can be deducted from 7500$. Any suggestions please? 

[MandarUncle]

5 hours ago, usetime63 said:

No refund , if you don't owe anything.

No refund, if combined salary is more than 300k. 

How to make I owe money to irs? 

[Ravi860]

Amma donga.. $0 returns undi nuvvu car konte irs babai return lo dabbulu ivvala. Only works towards deductions 

[MandarUncle]

Endo 7500$ vastayi ani asha vunde . Gone case inka.example if irs owes me 6000$ then I get ev tax credit 0$ am I right?

[Ravi860]

6 minutes ago, MandarUncle said:

Endo 7500$ vastayi ani asha vunde . Gone case inka.example if irs owes me 6000$ then I get ev tax credit 0$ am I right?

Correct if you are expecting refund from them then no tax credit. Tax credit only for when you owe to them or in general goes towards your deduction ela chuskunna 

[BulletBaskar]

7 minutes ago, MandarUncle said:

Endo 7500$ vastayi ani asha vunde . Gone case inka.example if irs owes me 6000$ then I get ev tax credit 0$ am I right?

you get what irs owes you anta

no $ from ev tax credit anta

[idibezwada]

4 minutes ago, MandarUncle said:

Endo 7500$ vastayi ani asha vunde . Gone case inka.example if irs owes me 6000$ then I get ev tax credit 0$ am I right?

you will get it ...in your example...irs owed you $6000 because you overpaid...say you actual taxes are 20K and paid 26K, IRS returns you 6K. so neeku 20k nunchi tax credit vastadi, so you will be only paying 12.5k tax