If you're confused about the $7,500 tax credit, here's an ... - Reddit

Tax credits will be received when you file your taxes in 2024. Check line 24 of your tax form to see your "total tax," if it is over $7,500, you'll be able to receive the full tax credit. The limits are …

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If You're Confused About The $7,500 Tax Credit, Here's An ... - Reddit

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If You're Confused About The $7,500 Tax Credit, Here's An ... - Reddit

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- in 2023, this is a tax credit. Meaning you buy your EV first, then when you file taxes for year 2023, you can claim full $7,500 credit on your 2023 taxes (if your tax liability was larger than …

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Confused About The $7500 Tax Credit : R/TeslaLounge - Reddit

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There is NO INSTANCE in which the IRS will give you a check for anything in connexion with this tax credit. If you only owed $2,000 in federal income taxes (and only income taxes, not other …

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Stupid Question: How Does The $7,500 Credit Work For The 2025

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This can then be used by the buyer as tax credit when filing a return with IRS. Also, the dealer can cancel or void the time of sale report retroactively! Hyundai did list the 2025 I5 as $7500 tax …

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Still Trying To Understand The $7500 Tax Credit : TeslaModelY

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Looks like all that was rolled into my loan. That $50,630 you see included a "destination fee" of $1,400. Registration fee of $555 also went into the loan. My order fee/deposit was $250 and I …

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Need Help Understanding $7,500 Tax Credit | Tesla Motors Club

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Apr 27, 2016 · The tax credit is like you paying an extra $7500 toward your tax liability... so if your liability is over $7500 you'd get your $5K plus $7500 back. ... not sure why I’m so confused by …

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Can Someone Explain The $7500 Tax Credit To Me Like I'm A

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The tax credit will apply at purchase next year while this year you have to wait until you file next year's taxes to get the 7,500. For those in states like Nevada that's a solid deal since that …

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Do You Think The $7,500 Tax Credit For Electric Vehicles Is A

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18 hours ago · Currently, several cars on sale in the USA qualify for a $7,500 tax credit as part of the Inflation Reduction Act (IRA). You might also know that President Trump is not a fan of …

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EV Federal Tax Credit 7500 Eligibility Question - Bogleheads.org

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Dec 2, 2018 · I'm still confused about the eligibility for the Federal Tax Credit of $7500 with regards to the AGI. I hope someone here can answer the question here. Our 2021(filed in …

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Question About The $7500 Tax Credit : R/rav4prime - Reddit

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Figure out your AGI then look at the tax tables. You would take $7500 off of the number from the tax table. Most other deductions and credits (with some exceptions) can be refunds and/ or …

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New Administration Will Reverse The $7,500 Incentive

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Nov 6, 2024 · I would think that the $7500 tax credit would be in effect through 2025 even if they do rescind it. Whether or not they put the Cybertruck on the list by then is a mystery to me. I …

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Are Any And All Threads Concerning $7500 Tax Credits Political

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Jan 12, 2025 · However tax credits are part of acts passed by congress, and therefore we can pretend there is not a political component to them, but that isnt reality. On the other hand if the …

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How Do I Ensure I Receive The $7500 EV Tax Credit? : R ... - Reddit

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In 2018 I paid about $7600 in taxes and got the $7500 credit, but I would have gotten $1700 back as it was so would have needed $9200 in taxes paid to get all of it back. I only ended up with …

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Any One Received Full $7500 Tax Credit? | Toyota RAV4 Forums

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Apr 29, 2022 · I bought 2021 Rav4 Prime XSE PP, on Jan 24th 2021. So I filed the tax returns this year via turbotax, and was eligible for full $7500 federal tax returns. I only received $6000. Are …

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EV 7500 Non-refundable Tax Credit : R/electricvehicles - Reddit

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In your example of a $30,000 tax liability, you paid $31,000 throughout the year. When you file your taxes, you get a $1000 refund. If you purchased an EV (that still has $7,500 tax credit) in …

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Return Of $7500 Federal Tax Credit? | Tesla Motors Club

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Apr 24, 2013 · The bill also extends existing tax incentives available for the sale of electric vehicles. The bill increases the electric vehicle credit cap for manufacturers to 600,000 …

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FAQs about If you're confused about the $7,500 tax credit, here's an ... - Reddit Coupon?

Is the $7500 tax credit refundable?

The current $7,500 tax credit is nonrefundable, meaning you must have a tax liability of at least $7,500 in order to get the full credit. This requires a fair amount of taxable income after your deduction (s). With a refundable tax credit, you don't need any tax liability and don't need any income either. ...

Do you qualify for the $7500 tax credit?

To qualify for the full $7,500 tax credit, among other requirements, 40% of the value of the minerals in an electric vehicle’s battery must come from a country that has a free-trade agreement with the U.S. That amount is set to rise to 80% after 2026. ...

How does a $7,500 tax credit work?

You get a $7,500 tax credit. After subtracting the credit from your total tax liability, $500 of tax remains. Then, the withholding is subtracted from the $500 tax to give you a refund (or tax due). So if your paycheck withholding is $6,000, you will get a $5,500 Refund. If your withholding is $12,000, you will get a $11,500 Refund. Therefore, you might get back most of your withholding. ...

Can a car get a tax credit for a $7500 car?

Here's what to know. The $7,500 tax credit is actually two separate credits, worth $3,750 each. Before April 18 every qualifying vehicle got both credits, but now vehicles can qualify for neither, one, or both. The IRS says the following vehicles are still eligible for both tax credits, worth $7,500: ...

What would happen if the $7500 tax credit disappeared?

If the $7500 tax credit disappeared tomorrow the dealers might have to stop pricing at huge markups over MSRP (heck they might even have to cut deals below MSRP - imagine the horror) but they would still sell all the R4Ps Toyota can supply at a profit and Toyota still takes their cut. ...