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question about $7500 federal credit from tesla


BulletBaskar

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2 minutes ago, Ravi860 said:

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 

tax credit is different deductions

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Federal EV Tax Credit

The tax credit depends on the vehicle's manufacturing location, battery materials, and even your Adjusted Gross Income (AGI). The credit is also non-refundable, meaning that you need to have income tax liability (owe money on your taxes) to receive value from it.

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Just now, Ravi860 said:

Federal EV Tax Credit

The tax credit depends on the vehicle's manufacturing location, battery materials, and even your Adjusted Gross Income (AGI). The credit is also non-refundable, meaning that you need to have income tax liability (owe money on your taxes) to receive value from it.

how can you not owe money to IRS unless you have lot of deductions

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6 hours 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

you should have paid taxes to IRS/Employer should have withheld the taxes. If you paid zero (this means you did not work and did not earn anything for the year) then you wont get any federal credit

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27 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?

why will IRS owes you in first place..that means you paid/employer withheld taxes to IRS. so you will get refund as long as federal credit+any IRS refund wont exceed the total taxes you paid to IRS for that year

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50 minutes ago, MandarUncle said:

@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? 

Yaa w4 lo update cheyi anna not straight forward like you have more allowances so that less taxes will be deducted anukuntuna , check with cpa ocne if u have nay

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Just now, Vaaaampire said:

It complicates things kada. Which company supports it?

Don't knwo how they area managing especially people who are in border of AGI using that many supportbi guess no issues they are not taking income that year for one or two months to be under that agi 

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1 hour ago, MandarUncle said:

@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? 

bro oka sari cpa tho matladi W4 allowances penchithe emina issues vastaya kanukoni cheyi based on turbotax forum 

Nonrefundable credit means that it can reduce the total amount of tax paid for the year to zero.  Whether you have withheld tax yet does not matter.  If you do not have enough tax withheld, you can face penalties.

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1 hour ago, MandarUncle said:

@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? 

also @MandarUncle this thread might be helpful

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-to-change-w4-to-decrease-federal-withholding/00/1811810

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10 hours 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

Simple logic anna. If you already paid more than or equal to $7500 in federal taxes, You will get $7500 back. If you had no income during the year and paid no taxes to govt, you wont get anything.

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