My Lightning Lariat delivery!

[Firestop]

Unless you are retired you should easily have $7500 worth of tax obligations if you can afford this truck

Depending on your financial situation, us retirees under 72 can use the credit to offset distributions for an IRA/Roth conversion should one have the means and the portfolio…..

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[Silent_Thunder]

What is the name of the Credit Union please?

State Farm Credit Union and Great Lakes Credit Union

 

[Galactus55]

I'm not canceling my CT, because I assume my reservation will be available for actual purchase in 2026-27, when I'll be looking at what vehicle will be replacing my Lightning.

Ford's lightning fast rollout and Tesla's incredibly sluggish rollout may end up being a perfectly timed combo. Plus Tesla helped to sell a Ford, in my case anyway.

Completely agree with that statement. Also there maybe many other cool EVs out by 26-27

 

[rdr854]

State Farm Credit Union and Great Lakes Credit Union

Thank you

 

[Amps]

Okay…,that’s not what I was told.
But YMMV

Mike

With all due respect, it’s not YMMV. You were told wrong. The federal tax credit offsets your first $7500 of federal tax liability.

 

[CRAIGC540]

Antimatter Blue Lightning Lariat.

How are you liking your Antimatter Blue color choice? This was my first choice but have changed to Star White now. I have a black truck now and wanted to go white to show less dirt and scratches. I do like the Antimatter Blue but it's not Antimatter Blue unless in direct sun light and clean.

 

[SteffanG]

How are you liking your Antimatter Blue color choice? This was my first choice but have changed to Star White now. I have a black truck now and wanted to go white to show less dirt and scratches. I do like the Antimatter Blue but it's not Antimatter Blue unless in direct sun light and clean.

White still shows dirt though not as bad as black does. Showing dirt is my main reason for going with Iconic Silver. While I like the other colours better, my driveway is 600' of gravel so keeping them clean is near impossible. My last car was silver (it got written off in an accident that wasn't my fault) and I didn't wash it for 6 months. The only way you could really tell it was dirty was that it wasn't very shiny. My wife and dad both have white cars and they show when they are not clean.

If I had to chose not thinking of keeping it clean and nice looking, then I probably would have went with AMB!

I can't wait to get my truck and these threads aren't helping matters - they haven't even scheduled it yet even though I ordered Jan 28 (in Canada).

 

[SeanOC]

Congrats OP! I have the same truck coming in a few months (w/max tow). I think it looks amazing. More pics when you can plz!

 

[Schaeway]

Beautiful truck, congratulations! Looking forward to reading about your impressions.

 

[greenne]

Unless you are retired you should easily have $7500 worth of tax obligations if you can afford this truck

I'd be careful about making blanket statements about people's tax obligations. TBH, its kind of crass to suggest people of a certain income level can(or should) afford something or not.

What if a waiter drives a shitty Toyota Corolla for 20yrs and has been saving his tips for a new Ford Pro? That's possible.

What if people are living off inheritance? Or a payout from a lawsuit claim or disability...

 

[greenne]

Anyone that can afford $80k truck should have enough income and taxes to take the full $7,500.

Not really. There are plenty of tax situations where people can "afford" this truck and not have $7500 in liability.

Let's keep class warfare off the message boards, shall we...

 

[hturnerfamily]

rather than everyone continue to 'disagree' or have various 'explanations' of what the $7,500.00 MAXIMUM EV Tax Credit works - look at your 1040 or similar form LINE 16 and LINE 24(after appropriate credits and deductions, if any) to see better 'how' this might work for you. In the case above, the EV buyer would receive a MAXIMUM Credit for the EV purchase of 'UP TO' his/her Total Taxes DUE...which is $6,840.00, although you might 'think' initially that the full $7,500 is credited. This means that this tax payer would have the $6,840 credit TOTALLY OFFSET any taxes that were due....BUT WAIT! (get this...).... this person DID have taxes taken from their payroll check every week, so THAT amount WOULD BE REFUNDED BACK TO THEM.
So, YES, you DO get a CHECK back for the EV CREDIT if this type of scenario is similar to yours.

Now, if you are self-employed, and paid no 'quarterly tax filings' throughout the previous year, then your FULL TAX TOTAL would be offset totally by this EV Credit, which again, amounts to the same.

No matter how you cut it, the EV Credit is a CREDIT, but it does, and can, result in a REFUND CHECK, in the full amount of your tax burden, back to YOU.


I'll also add that the 'price' of the LIGHTNING has absolutely NOTHING to do whatsoever with whether someone will, or will not, receive the Full credit, or a partial Credit. The idea that those 'folks' who can afford to purchase a LIGHTNING 'must' have the tax burden to certainly get the full credit is ridiculous. Tax Burden has little to do with affording or paying cash for or financing a vehicle. The Tax Burden is also totally dependent on MANY things that happen during the year, whether regular payroll income, whether self-employment, whether 'great' income or 'not so great' income, or even whether 'passive' income from such things as IRA withdrawals, pensions, or anything else. There is no 'A+B=C' equation, everyone, and I mean everyone, is different. That's why we have the IRS.

No matter how you slice it, if your TAX Line 16, or 24, for 2022 Tax Filing in early 2023 don't add up to at least $7,500.00, you will not receive the full credit. If it is MORE than $7,500.00, you could then 'pay' much less than you would have, otherwise, OR you could receive UP TO the FULL $7,500.00 in a REFUND CHECK.
If you are retired, or able to 'manage' your withdrawals of IRA or Qualified monies, you can certainly better 'control' the outcome of this $7,500.00 credit. You have more options than the rest of 'us'....especially if you 'know' your tax bracket and any/all credit/deductions you will have - although, I'll say this: Married filing Jointly couples already receive an almost $25,000 Standard Deduction before they even receive a penny of 'income', whether taxable or not, so you have to have a fairly good sized 'taxable income' to get over that initial deduction - at least in the neighborhood of $32,500 of TAXABLE income before you'd see the full credit. Those in that situation most certainly will do some calculating and have discussion with their tax professional to get the best outcome.


FUN, no matter what!

 

[rlbussard]

Not really. There are plenty of tax situations where people can "afford" this truck and not have $7500 in liability.

Let's keep class warfare off the message boards, shall we...

Exactly. There are plenty of situations that people can afford these trucks but don't pay enough taxes.

 

[greenne]

Exactly. There are plenty of situations that people can afford these trucks but don't pay enough taxes.

For married filing jointly you'd have to have a taxable income of over $90k to have $7500 in tax liability... more if you have deductions or credits(including child tax credit)

Not to mention, a fair number of people interested in EVs are also interested in Solar. The solar panel credit is able to be carried over (so you'd use the EV credit first), but for how long nobody knows. Right now it *appears* as if it's able to be carried over thru 2023 tax year, but shaky after that.

(PS-- The solar credit could very well be extended--which would allow carryover past 2023--but as it reads now it will expire in after 2023).

 

[rlbussard]

For married filing jointly you'd have to have a taxable income of over $90k to have $7500 in tax liability... more if you have deductions or credits(including child tax credit)

Not to mention, a fair number of people interested in EVs are also interested in Solar. The solar panel credit is able to be carried over (so you'd use the EV credit first), but for how long nobody knows. Right now it *appears* as if it's able to be carried over thru 2023 tax year, but shaky after that.

(PS-- The solar credit could very well be extended--which would allow carryover past 2023--but as it reads now it will expire in after 2023).

I didn't know there was cutoff to the solar credit. I thought you had 20 years to roll it over. I will end up using the rest of my spare credit next year since I'll be getting the Lightning tax credit this year. I bought the Mach E last year so I didn't use it this year either.

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