2023 delivery numbers expected?

[Regenshire]

The tax credit only works as long as you owe $7,500. If you owe less you will not get the full $7,500 . If you have a tax refund you get none of the $7,500

This is not true or is poorly phrased.

Its about your tax liability, not how much you get back because you over pay (ie, your Refund). It works similar to the tax credit I claimed back in 2018. It just cannot exceed the amount of taxes you actually owe to the government. How much of a "refund" you get is not relevant, as that has to do with how much money you pre-paid to the government, not how much you actually owe.

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[cyberwulf]

From 2024. The tax credit ($7500) can be transferred to the dealer. The dealer then applies that as or to your down payment at the point of sale. The benefit is you get the $7500 regardless of tax status.

 

[evazquezcu]

The tax credit only works as long as you owe $7,500. If you owe less you will not get the full $7,500 . If you have a tax refund you get none of the $7,500

Ummmm what..? I hope you're not doing your own taxes

 

[Dazajj]

From 2024. The tax credit ($7500) can be transferred to the dealer. The dealer then applies that as or to your down payment at the point of sale. The benefit is you get the $7500 regardless of tax status.

Definitely using it as down payment : )

 

[Dazajj]

I ordered a tri-motor as well. Obviously a bit permature, I think I am 39k in line, but I'm moving forward with installation of my wall charger next month.

How much is getting a wall charger installed running you?

 

[Dazajj]

Man i hope you’re wrong as hell. Haha.
everythhng is pointing to an October delivery start. And if they’re making 10+ a day right now, then we’re looking like closer to 650-750ish? That said, that’s not very many…

 

[Nidavellir]

This is what I am referring:
"To claim the credit, taxpayers can file Form 8936 when they file their federal income taxes. The credit is nonrefundable, which means it can lower or eliminate taxes owed but will not result in a refund. You also won't be able to carry over any excess amount to offset future taxes"

 

[chonnertruk]

How much is getting a wall charger installed running you?

So far materials and charger, $612.00. I am wiring myself and building a portable wooden pedestal.

During the winter months up here, often, we tend to shift vehicles around. Pedestal will be on wheels.

 

[Dazajj]

So far materials and charger, $612.00. I am wiring myself and building a portable wooden pedestal.

During the winter months up here, often, we tend to shift vehicles around. Pedestal will be on wheels.

Ok so the hardware seems pretty inexpensive. I’m guessing the wiring is where the real costs come into play. Thanks for info!

 

[chonnertruk]

Ok so the hardware seems pretty inexpensive. I’m guessing the wiring is where the real costs come into play. Thanks for info!

You bet. Wall charger was $500 the rest are installation materials.

 

[CyberGus]

If your annual tax liability is less than $7500, you probably can't afford a Cybertruck.

 

[CyberGus]

This is what I am referring:
"To claim the credit, taxpayers can file Form 8936 when they file their federal income taxes. The credit is nonrefundable, which means it can lower or eliminate taxes owed but will not result in a refund. You also won't be able to carry over any excess amount to offset future taxes"

The phrase "will not result in a refund" is poorly worded. Is this from the IRS?

I get a "refund" every year, Cybertruck or not.

It's correct to say that you can reduce your tax liability by up to $7500, and only in the tax year of the purchase.

 

[Nidavellir]

This is where it came from
EV Tax Credit

Here is another
Another EV Tax Credit

It's important to know that, for now, the EV tax credit can only be applied to your taxes. If your tax bill is less than $7,500, you will not be refunded the difference, nor can it be applied to the following year's taxes.

 

[PilotPete]

This is from the IRS forms themselves.

So, if you file Single or Married filing separate, you need $54,000 plus of TAXABLE income to realize the full $7,500 credit. Married filing jointly requires at least $65,950 of TAXABLE income.

So if you are a family with $65,900 of TAXABLE income, and you bought an MY, then your taxes for the year would be ZERO, and you would receive a refund for everything you gave the feds. If you were single, and you made $54,000 of TAXABLE income, you would owe $3.00 and everything over and above that is coming back to you in a refund. If you were single, and your TAXABLE income was $66,000, you would normally owe $10,132 in taxes for the year. But with a MY purchase, you would only owe $2632.00, and would get a refund for everything you paid over that amount.

Now if you file married filing joint, and your taxable income was $54,000, your liability would be $6,072.00. If you bought a MY, then your taxes go down to ZERO, and you get back everything you paid. HOWEVER, you didn't get a $7,500 credit, you only got a $6,072 credit. It can't go below nothing.

Please remember that your line 15 taxable income is comprised of 2 basic numbers. How much you made, minus how much you can deduct. (AMT is another discussion). So if you made as a couple $80,000, but you have $26,000 in deductions (I'm just throwing numbers, not looking for whether or not that is possible or prudent) then your line 15 taxable income is $54,000, and you can see what the credit is worth to you in the paragraph above.

Is that clear to anyone else besides me? No, I haven't thought about all the different scenarios that could arise, or whether or not you should be buying any car at any price based on where you fall in taxable income. Nor is this financial or tax advice of any kind. Just trying to communicate how the credit works, and I haven't even finished my coffee yet this morning, so errors might have occurred.

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