Tax Credits

[Goat Whore]

https://electrek.co/2022/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

According to the above article a Lightning that has an MSRP below 80k would receive $7500 credit even if you take possession in 2023.am I missing something?

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[JustB]

https://electrek.co/2022/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

According to the above article a Lightning that has an MSRP below 80k would receive $7500 credit even if you take possession in 2023.am I missing something?

The section that lists vehicles is titled "
What electric vehicles could qualify under the latest tax credit?
" The key work here is "could", not will.

 

[metroshot]

https://electrek.co/2022/11/16/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/

According to the above article a Lightning that has an MSRP below 80k would receive $7500 credit even if you take possession in 2023.am I missing something?

So far no one knows exactly the rules to be interpreted.

Some say only half credit due to battery mineral sourcing.

Others say full amount depending on waivers granted.

Will have to wait and see.

At least my '22 Lightning gets the $7500 but my concern is my incoming MME (build week next week)....

 

[TaxmanHog]

I would wait for definitive word the Lightning battery is given a waiver or Congress tweaks the law to delay implementation of sourcing restrictions until 1/1/2024.

Also the article writer and Esq. Stidham are conflating the matters regarding foreign built vehicles with signed contracts before the signature of Potus46 on the law in August, bullet points 3 & 4 impacting financial actions on and after 1/1/2023.

Note that purchases from 1/1/2022 to 12/31/2022 (us buying our Lightings in any trim) will certainly qualify as a US built vehicle, under old rules regardless of anything being signed in August, we will be filing our tax returns in the spring of 2023 for tax year closing 12/31/2022.

Note the article chart rightly excludes the XLT-ER, Lariat-ER and Platinum's under the new rules due to the high cost +80K MSRP, high and I'd say that the battery might still only bring a lower credit unless some midnight magic happens over the next few weeks, Congress needs to iron out another CR or the whole federal budget by 12/16.

Lastly an article that cast negative words against a sitting senator loses creditability IMHO

 

[metroshot]

...
we will be filing our tax returns in the spring of 2023 for tax year closing 12/31/2022.
....

Um, I am going to file my '22 Lightning tax credit at the beginning of 2023 which I have NEVER EVER done in the past years because I owed.

I always filed on the last day since I always owed.

This time - first time in a long time, I will actually look forward to a refund!

 

[TaxmanHog]

Um, I am going to file my '22 Lightning tax credit at the beginning of 2023 which I have NEVER EVER done in the past years because I owed.

I always filed on the last day since I always owed.

This time - first time in a long time, I will actually look forward to a refund!

MeF goes live 1/24/2023, you can probably pre-submit your return to your favorite online preparer prior, they will transmit to IRS on 1/24

https://www.irs.gov/e-file-providers/modernized-e-file-mef-status

 

[Halbach]

Um, I am going to file my '22 Lightning tax credit at the beginning of 2023 which I have NEVER EVER done in the past years because I owed.

I always filed on the last day since I always owed.

This time - first time in a long time, I will actually look forward to a refund!

I'm sweating bullets waiting for my truck before year end. I dont want to wait till 2024 to get my money back

 

[Jer]

Um, I am going to file my '22 Lightning tax credit at the beginning of 2023 which I have NEVER EVER done in the past years because I owed.

I always filed on the last day since I always owed.

This time - first time in a long time, I will actually look forward to a refund!

I am with you on this one. Probably been 20 years since I have seen a refund.

 

[VTbuckeye]

I'm sweating bullets waiting for my truck before year end. I dont want to wait till 2024 to get my money back

If you know you are getting the tax credit, then you have all year to adjust your withholdings. **This assumes that you are a w2 worker and not self employed or paid in other ways.
I have my lightning and we had solar installed on our roof. I adjusted my withholdings as soon as we decided on the solar in March and will still have a decent refund (did not know if lightning would be delivered in 2022, but hoped).

 

[Halbach]

If you know you are getting the tax credit, then you have all year to adjust your withholdings. **This assumes that you are a w2 worker and not self employed or paid in other ways.
I have my lightning and we had solar installed on our roof. I adjusted my withholdings as soon as we decided on the solar in March and will still have a decent refund (did not know if lightning would be delivered in 2022, but hoped).

This is true. My other hesitation was the unknown as to whether I qualify for it or not next year. I can borrow money from myself to get the payment where I need it for a little while, but not indefinitely

 

[shutterbug]

Um, I am going to file my '22 Lightning tax credit at the beginning of 2023 which I have NEVER EVER done in the past years because I owed.

Um, you'll be filing after the final new version of the relevant tax form is created. Last year, a fairly common form I needed wasn't updated by the IRS until mid March. It took TurboTax another 2 weeks to update their SW.

 

[metroshot]

Um, you'll be filing after the final new version of the relevant tax form is created. Last year, a fairly common form I needed wasn't updated by the IRS until mid March. It took TurboTax another 2 weeks to update their SW.

Even if the tax deduction is based on the old tax credit (pre Biden's IRA signature) ??

I picked up mine in July.

Is there a different form for 2022 mid year tax change ??

 

[RickLightning]

Even if the tax deduction is based on the old tax credit (pre Biden's IRA signature) ??

I picked up mine in July.

Is there a different form for 2022 mid year tax change ??

No.

 

[shutterbug]

Even if the tax deduction is based on the old tax credit (pre Biden's IRA signature) ??

I picked up mine in July.

Is there a different form for 2022 mid year tax change ??

No! If any tax rules change mid-year, the IRS will cover them in a single form. For example, it might ask if you bought the vehicle before or after a specific date. However, the more complicated the form is, the longer it will take them to produce it.

 

[Lightning Rod]

Is there ANY ice cube's chance in hell that I will qualify in any way to get ANY tax credit with me paying 88k msrp AND delivery won't be until February 23, or should I give up hope?

I was hoping that with all of the confusion, congress or someone would postpone this until they figure out how they are going to enforce this new law.

*fingers crossed*

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