EV Tax Credit and 2022 F150 Lightning

[TaxmanHog]

Really..when was the last time you sat around the campfire and discussed tax strategy just for kicks?

(Except maybe TaxmanHog...)

I am the life of the party at times [NOT] .... when tax matters come up.

On a serious note, I hold special interest ensuring people who might not be as sophisticated with taxes consult their advisors for the final answer they need.

Many posts I've read on this and other forums and FB try to be helpful by generally focus on one or two characteristics of an individuals financial make up, this community crosses a wide spectrum of individuals, trying to address all the scenarios is tedious and honestly most folks eyes glaze over.

Just back from an awesome ride on the Street Glide, 235 miles $29 of fuel later for a full tank day ouch!

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[greenne]

I am the life of the party at times [NOT] .... when tax matters come up.

On a serious note, I hold special interest ensuring people who might not be as sophisticated with taxes consult their advisors for the final answer they need.

Many posts I've read on this and other forums and FB try to be helpful by generally focus on one or two characteristics of an individuals financial make up, this community crosses a wide spectrum of individuals, trying to address all the scenarios is tedious and honestly most folks eyes glaze over.

Just back from an awesome ride on the Street Glide, 235 miles $29 of fuel later for a full tank day ouch!

My opinion is people just want a straight answer and when doing taxes the answer is rarely straightforward....its buried within a worksheet or a schedule somewhere. Oftentimes you have no idea where you'll end up until you get on the other end.

The $7500 credit is particularly perplexing as not many people understand it and many dealers/mfrs promote the credit to "make the sale" without fully explaining it to the consumer. Its a lot to wrap your head around...

I have the crazy ability to read thru tax code and/or government BS. Its all I've done for my adult life working with the DoD, FAA and now state government. The government tends to write a lot and say very little at the same time. A lot of parallels between tax code and government regulations...

 

[hturnerfamily]

and those of us who do our own taxes don't even use a 'tax professional' anyway...

 

[TRP]

and those of us who do our own taxes don't even use a 'tax professional' anyway...

Again, everyone is going to be different. Ours got complicated years ago and my calculations using Turbo Tax showed we had $5000+ tax bill. I went to a professional and we ended up getting a refund that year. I've never looked back.

You do you, man..........I'll do me

 

[TaxmanHog]

And there-in is the commonality between GEEKS like us and the rest of the world.

I spent a lot of my time working for the government trying to unravel messes folks got themselves into doing the wrong thing, either by following bad advice or ignoring good advice.

 

[Carminus]

Vote Ross Perot! Dismantle the IRS and put forth the flat tax!

My bad wrong time period.

 

[FordLightningMan]

Actually, you want to look at line 24, Total Tax if you are self employed or have other taxes.

I just looked at line 24 and fell out of my seat. Please don't ever make me look at it again.

 

[greenne]

I just looked at line 24 and fell out of my seat. Please don't ever make me look at it again.

Come on..you're from NYS..you should be used to it by now....

#New York State taxes are too high
#You should see my school tax bill
#I guess that's the price you pay not to live next to a bunch of uneducated morons

 

[WFordKid]

Just a simple post. If you total tax is $7,500 or more (Line 24 on your 2021 return for reference) you will get the full $7,500. You do not need to take into consideration your withholding taxes, estimated taxes paid or any other credits (after line 24).

 

[TaxmanHog]

Just a simple post. If you total tax is $7,500 or more (Line 24 on your 2021 return for reference) you will get the full $7,500. You do not need to take into consideration your withholding taxes, estimated taxes paid or any other credits (after line 24).

Excluding any taxes listed on line 23!!!!!!!!!!!!

 

[WFordKid]

Excluding any taxes listed on line 23!!!!!!!!!!!!

Thanks for the clarifciaton and I think the big one on this list is S/E taxes which you definetly need to note when assesing whether you are eligible or not for the full $7,500. Thanks for getting us timely and usefull info! This site is so informable.

 

[Tony Burgh]

TurboTax has form 8936. Lazy people like me rely on TurboTax getting it right.
In old days of self employment, I defined Schedule C as creative engineering.

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