Just because you don't owe them anything when you files doesn't mean you didn't pay tax. It means your withholdings were correct. What you need to do is look at your 1040 and look for the line towards the end that says this is your total tax, or something to that effect. If that figure is greater than $7500 you will collect the full rebate.
What? There's no need to decrease withholdings. You would only do that if you don't want a "refund" when you file.
A credit is a credit. Why would the amount of withholding have any effect on collecting the credit?
So if you owed the government $1,000 in taxes, your tax credit would be $1,000. If you were getting a refund of $400, your tax credit would be $0. You have to read the tax code carefully.
A credit isn't always a full credit. "After the taxpayer has reduced his or her tax liability to zero, the taxpayer will lose any remaining excess New Plug-in Tax Credit." So if you owed the government $1,000 in taxes, your tax credit would be $1,000. If you were getting a refund of $400, your tax credit would be $0. You have to read the tax code carefully.
I haven't looked very far into the details of this credit, but I find this very hard to believe. Your tax liability has nothing to do with how much withholding is taken out of your check.
Typically:
if your Taxable Income (AGI less exemptions&deductions) is 100k, then your tax liability is approximately $21k. If this is the only credit you qualify for your tax liability is now $13,500.
If you had $10k withheld over the year, you must pay $3.5k. If you had $20k withheld you will get a refund of $6,500.
I suggest reading the IRS tax code, then we'll discuss this more.
I suggest reading the IRS tax code, then we'll discuss this more.
From Edmonds.com:
"You'll often hear that a credit is worth "up to" a certain amount. "Up to" is the critical modifier. The federal incentive is usually referred to as a flat $7,500 credit, but it's only worth $7,500 to someone whose tax bill at the end of the year is $7,500 or more. Let's say you buy a Nissan Leaf or other eligible vehicle and you owe $5,000 in income tax for a particular year. That's all the tax credit will be. Uncle Sam's not writing a refund check for the other $2,500."
Which is a simpler way of stating the same thing I just explained above. Your earlier post about having to adjust the amount of withholding based on whether or not you're about to buy an EV shows a flawed understanding of how tax credits work.
Depending on your situation, all I was trying to say was that a person may have to change your withholdings in order to owe more in taxes, to maximize the amount of tax credit you will qualify for..
all I was trying to say was that a person may have to change their withholdings in order to owe more in taxes, to maximize the amount of tax credit they will qualify for.
pretty good term!Dublin Chevrolet is advertising $67/month lease.
http://www.dublinchevrolet.com/Special/new/2016-Chevrolet-Spark_EV-all-Spark_EV___Only_$67/month!-Dublin-CA/65991630
If you live in the right places, this could be a money maker.
pretty good term!
So i emailed a few places and picked one up from Delillo Chevy in HB yesterday 2016 electric blue 2LT for 25k OTD. It didn't have the DCFC option but since i'll be primarily drive it to work and home anyway, it didn't seem like a much needed option to get. One thing i noticed was the road noise coming from the front, I don't know if it's the celestial antenna or the wipers, but the car is so quiet that my ears start to pick up on other stuff hahaha.:wub:
pretty good term!
So i emailed a few places and picked one up from Delillo Chevy in HB yesterday 2016 electric blue 2LT for 25k OTD. It didn't have the DCFC option but since i'll be primarily drive it to work and home anyway, it didn't seem like a much needed option to get. One thing i noticed was the road noise coming from the front, I don't know if it's the celestial antenna or the wipers, but the car is so quiet that my ears start to pick up on other stuff hahaha.:wub:
You got in @ $67/mo? What's your total monthly payment including taxes and shit?
Man I gotta make some calls when I get home.
Lowest I see is $99 lease but that's for the base trim w/o DCFC.Looks like he bought instead of the $67 lease.
Auto light? You mean automatic headlights? What issue are you having with them?