I need advise, opinion, thoughts (Just trying to make sure I consider the options and impacts)

[derm]

It was an attempt at humor and a realistic way that a Lariat SR can still be configured with hands-free and qualify for the tax credit.

You qualify now with the Ford Mobile on the sticker. You could have deleted it and added the $2200 hands-free and still squeak in for the tax credit. Maybe call your dealer and see if they can do a Hail, Mary. Probably not.

I tried to get the hands free and they said, no can do.
Once the build sheet is made, they cannot change.

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[Peddyr]

Different opinion on the mobile charger--it's all I use. I had a 50A 240V outlet installed in my garage, and the mobile charger stays plugged in, except when I travel. My son 200 miles away has an outlet for me in his garage. It has worked flawlessly for me. I plugged in at 6 last night at 50% and woke up with a full charge.

Same experience with the charger.

 

[astricklin]

Same experience with the charger.

For those from 2022 that got the charger included I'm sure it works well enough, for $500, there are better options.

 

[derm]

Thank you all for your input!.
I believe I'm going to stay with the Lighting since the tax credit is not an issue.


I will take any additional suggestions on how to get any reduced pricing from the dealer.
Remember:
- My MSRP came in at $80,064
- My January Purchase agreement was for $77,064 and the dealer agrees on the price lock.

Thanks

 

[shutterbug]

For those from 2022 that got the charger included I'm sure it works well enough, for $500, there are better options.

Couldn't prove it by me. I got one with MME in March of 2021. Still have not used it.

 

[Zprime29]

Remember:
- My MSRP came in at $80,064
- My January Purchase agreement was for $77,064 and the dealer agrees on the price lock.

Just so you are clear, the IRS doesn't care what price you agree upon. Look at the highlighted portion that Taxman posted. The IRS will look at MSRP of the window sticker before destination & delivery is added. So as stated, you qualify based on that. Also keep in mind you need $7500 in tax liability to claim the full credit and any portion not claimed does NOT roll over.

 

[derm]

Just so you are clear, the IRS doesn't care what price you agree upon. Look at the highlighted portion that Taxman posted. The IRS will look at MSRP of the window sticker before destination & delivery is added. So as stated, you qualify based on that. Also keep in mind you need $7500 in tax liability to claim the full credit and any portion not claimed does NOT roll over.

Sooo...... I typically get ~$1K back in Fed taxes at the end of a year,
When I get the Truck in July? Should I change my W2 to have like 5 dependents? I currently have zero claimed.

 

[Amps]

I typically get ~$1K back in Fed taxes at the end of a year,
When I get the Truck in July? Should I change my W2 to have like 5 dependents?

It's $7500 total federal tax liability, your refund makes no difference. I don't like tax refunds, so I would adjust W-4 withholding, but it doesn't matter if you want an $8500 refund.

 

[derm]

I

It's $7500 total federal tax liability, your refund makes no difference. I don't like tax refunds, so I would adjust W-4 withholding, but it doesn't matter if you want an $8500 refund.

I should of said W4.
I have been told that the Credit does nothing if you owe nothing.
My understanding:
1) if in Aprill 2024, I owed $2300 my Tax Credit of $7500 would be good and I owe $0 and get $0.
2) What I was thinking was trying to adjust the taxes I pay (W4 Dependents #) between July and Dec to make it so I would OWE the IRS Money based on my income. and use the credit to my advantage.

Is that possible? and I am as far away from IRS/Accounting. - I'd be a nuclear engineer long before I could understand taxes.
.

 

[derm]

lol, I'll ask no more questions

 

[Zprime29]

@derm
Your federal tax liability amount is found on Form 1040 (line 24).
https://ttlc.intuit.com/turbotax-su...lity-mean-amount-still-owe/L0uIuvBQ4_US_en_US

 

[MM in SouthTX]

I


I should of said W4.
I have been told that the Credit does nothing if you owe nothing.
My understanding:
1) if in Aprill 2024, I owed $2300 my Tax Credit of $7500 would be good and I owe $0 and get $0.
2) What I was thinking was trying to adjust the taxes I pay (W4 Dependents #) between July and Dec to make it so I would OWE the IRS Money based on my income. and use the credit to my advantage.

Is that possible? and I am as far away from IRS/Accounting. - I'd be a nuclear engineer long before I could understand taxes.
.

The calculation of whether you have tax liability does not come from whether you get a refund or not. If you are a W2 employee, you have had tax withheld from your paycheck during the year. If that tax liability is greater than $7,500, then you will get the full credit (if you meet the income limit guarantee, etc.).

Let's say your total tax liability for the year is $10,000, and you had $9,000 withheld from your paycheck. At tax time you would normally owe $1,000. With the tax credit, you would instead get a check for $6,500 ($7,500 credit, minus the rest of the tax that you owe, that was not withheld).

 

[TaxmanHog]

My understanding:
1) if in Aprill 2024, I owed $2300 my Tax Credit of $7500 would be good and I owe $0 and get $0.

When you say "OWE 2300" is this value on line 18, below is an example of a moderate/low income self employed person who has a $1000 income tax liability, (I use this scenario to demonstrate the non-refundability of unused credits and the non-application of credits against the self employment tax that many of our tradesman Lightning enthusiasts might encounter, notice the comment in lime green on line 22

Without disclosing personal financial data on the public inter webs, the best answer should be from your own tax accountant, CPA.

 

[John Becker]

This is an interesting post. You ordered on Jan 4 and it's scheduled for production May 29. I ordered my Lightning Lariat SR on 12/16/2022. Our builds are very similar, but I'm still waiting on a production date and VIN. Nothing yet. Go figure...

 

[derm]

This is an interesting post. You ordered on Jan 4 and it's scheduled for production May 29. I ordered my Lightning Lariat SR on 12/16/2022. Our builds are very similar, but I'm still waiting on a production date and VIN. Nothing yet. Go figure...

I have no idea how they determine the order. I saw post of ordered in later then me and already built.

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