Assuming dealerships don’t add a $7500 “market adjustment” to try and absorb the credit for themselves now that they are the ones getting a check from the government. The car market seems to be weakening and these markups have calmed down but it wouldn’t surprise me in the slightest.that seems to work around the current requirement for the buyer to have enough of a tax liability to fully utilize the credit. it looks like it's effectively now just an income test, you confirm your eligibility at the point of sale and if you're subsequently found to have exceeded it when you file you would be required to pay it back. Much better system IMO, this will definitely help accelerate sales.
Their Market Adjustments aren’t working for these Trucks anymore. Ford will either throw more incentive money or just stop sending that dealer trucks. I mean some of these dealers are smoking some good stuffAssuming dealerships don’t add a $7500 “market adjustment” to try and absorb the credit for themselves now that they are the ones getting a check from the government. The car market seems to be weakening and these markups have calmed down but it wouldn’t surprise me in the slightest.
oh absolutely. You have to think these are now (mostly) on the way out and people should know to just go to a different dealer but yes that wouldn't help.Assuming dealerships don’t add a $7500 “market adjustment” to try and absorb the credit for themselves now that they are the ones getting a check from the government. The car market seems to be weakening and these markups have calmed down but it wouldn’t surprise me in the slightest.
I foresee a uptick with "unhappy people" who tried to get the credit and succeeded at the point of sale / retail level, and later determined not eligible, primarily because of modified AGI level, that said, they will have an extra assessment tacked onto their normal income tax bill to recover the funds.that seems to work around the current requirement for the buyer to have enough of a tax liability to fully utilize the credit. it looks like it's effectively now just an income test, you confirm your eligibility at the point of sale and if you're subsequently found to have exceeded it when you file you would be required to pay it back. Much better system IMO, this will definitely help accelerate sales.
Thats gonna sit awhile... maybe year ago they could have gotten that. Not today......Their Market Adjustments aren’t working for these Trucks anymore. Ford will either throw more incentive money or just stop sending that dealer trucks. I mean some of these dealers are smoking some good stuff
Federal Tax Credit at the P.O.S won't be available until sales executed after 12/31/2023.I should be taking delivery of ours in a couple weeks and if it's offered, I'll just wait until I file next February/March. I know where our income levels are, but I'd rather not do anything more than pay the dealer (not financing) and leave.
It's Friday and it's been a long week...reading comprehension is not my strong suit today, apparently!Federal Tax Credit at the P.O.S won't be available until sales executed after 12/31/2023.
So, you will collect your credit while filing form 1040 ty-23 in the spring of 2024
That's not how it works. Your withholding has nothing to do with your liability.Another way to handle this is to immediately zero out your withholding until you get $7500 less taken out of your paycheck.
IF you know your purchase will meet the standard for this tax year.
Then you do of course have to remember to fix your withholding back to the correct level after you get your $7500.
Where did you read that? Looking at the Revised Q&A that @TaxmanHog linked to it says:Guys….starting in 2024, the tax credit is refundable. Tax liability doesn’t matter. You just need to buy a qualifying vehicle and fall within the income limits.