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Tax credit 2024 [The tax credit discussion thread]
- Thread starter vickh
- Start date
????? I don't see either model year or VIN on that page. I've never seen model year or VIN when I click on a vehicle either.Looks like they took my adviceI should charge them a consulting fee
You won't qualify. So if you take it as a POS credit you will have to repay it when you file your 2024 taxes.
No. Getting the credit for a purchase in 2024 requires that the 2023 or 2024 AGI for a couple is less than $300k. 2022 AGI doesn't enter into the equation at all.
Thank you! My next option is to buy under my son's name where I have the opposite problem. He is 20 yrs old. Last year (for 2022), he filed single, his AGI was <13K and zero tax liability. For 2023 and 2024, his AGI might be around $25K and his total tax liability will certainly be <$7500. So if I get the car under his name, he gets the $7500 POS discount, and if his 2023 or 2024 total tax liability is less than $7500, will he have to refund the difference between 7500 and his total tax to IRS?
Thanks again in advance!
he won't have to pay the difference.
A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing taxpayer's regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture from the dealer or the buyer.
www.irs.gov
Q4: What if a buyer has insufficient tax liability to fully use a transferred credit? (added Oct. 6, 2023)
A4. The amount of the credit that the electing taxpayer elects to transfer to the eligible entity may exceed the electing taxpayer's regular tax liability for the taxable year in which the sale occurs, and the excess, if any, is not subject to recapture from the dealer or the buyer.
Topic H — Frequently asked questions about transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicles Credit | Internal Revenue Service
Topic H — Frequently asked questions about transfer of New Clean Vehicle Credit and Previously Owned Clean Vehicles Credit
Jacob Vega
Member
Wow, you did even better than me.
2024 Blue MYLR with white interior, inventory discount of $5,100 + $7,500 federal + $1000 cybertruck discount. I am part Cherokee so no sales tax at POS(Oklahoma). Will pay 1% when register for my tag though.
Inventory discount of $5100 is great! Did you use Dedham or Norwell? I’m looking at an inventory discount of $2500 on MYLR plus the $1000 Cybertruck order rebate. I’m trying to decide if I purchase now before the indicated $1000+ price hike on 3/1/2024 or roll the dice and figure the inventory discount might be more late March as the quarter comes to a close. $39326 out the door for the car I want (MYLR, stealth gray, black interior, 19”, tow) is already a damn good deal, but if it were $1-2K less in a month I could wait.
No, the IRS has finalized that form months ago. It appears that HR Block has not finalized it. I filed a month ago and have already received refund using another tax service.
"Due" when filing is not the issue. You don't say why the refund. If it's because you overpaid i.e, with withholding, the credit would be part of your refund up to your total tax obligation for the year. If you paid no tax during the year 2023 and are getting a refund due to an amended previous year return, you're right, no refund of any of the credit. Refund by itself is not the issue, it's the total tax obligation for the year.
In rough strokes:
Line 34 (without credit) isn't relevent.
It's line 22 of your 1040 without EV credit included, or line 16.
