Wall connector charger questions (install, tax credits, etc)

[Noflash]

You could buy a new one and sell one of the freebies.

Oof! You're right, but too much risk for not enough reward for me.

 

[kpanda17]

Btw, make sure only the Tesla universal wall connector (effectively gen 4) is purchased and not the gen 3. The UWC is compatible with the Cybertruck vehicle to load/home charging. Note it’s one of the necessary components but the point is the gen 3 is not compatible. UWC now only.
Amazing that rhe CT equals a Powerwall 3 in size the V2L

 

[Cosmacelf]

Btw, make sure only the Tesla universal wall connector (effectively gen 4) is purchased and not the gen 3. The UWC is compatible with the Cybertruck vehicle to load/home charging. Note it’s one of the necessary components but the point is the gen 3 is not compatible. UWC now only.
Amazing that rhe CT equals a Powerwall 3 in size the V2L

Oh wow, I didn't realize ONLY the UWC was compatible with Powershare.

 

[smlobx]

Great conversation and I’m learning quite a bit. I didn’t realize that the WC install cost was a credit also. In my case my main panel was completely full and my electrician installed a 100 amp subpanel which involved some creative work but he was very experienced in doing the work and the install looks great.
My cost for the work was slightly above $3000 (it took 2 guys 1.5 days) so I’m happy to get some of it back. I ended up having him size everything for a 60 amp breaker as I figured that vehicles In the future will be able to charge faster and faster and I didn’t want the work to be “obsolete” in 5 to 10 years.

 

[wattsupguys]

For those planning on the 30% tax credit for installing an ev charger, do you all live in a "rural" census tract?

I was trying to understand the credit from the form 8911 instructions and it seems like they have blocked most populated zip codes from being able to receive the credit?

Instructions for Form 8911 (01/2023) | Internal Revenue Service

Property must be located in an eligible census tract.

Property placed in service after 2022 will not be treated as qualified alternative fuel vehicle refueling property unless the property is placed in service in an eligible census tract.
Eligible census tract.

For this purpose, an eligible census tract is any population census tract that:

• Is described in section 45D(e), or
• Is not an urban area.
  For this purpose, an urban area is a census tract (as defined by the Bureau of the Census) that, according to the most recent decennial census, has been designated as an urban area by the Secretary of Commerce.

Household Electrification Savings Calculator A tax credit for alternate fuel/ ev chatting does not shower up when I search my zip code in the previously linked website.
This is a bummer, unless I'm not reading correctly...

 

[Eric33432]

For those planning on the 30% tax credit for installing an ev charger, do you all live in a "rural" census tract?

I was trying to understand the credit from the form 8911 instructions and it seems like they have blocked most populated zip codes from being able to receive the credit?

Instructions for Form 8911 (01/2023) | Internal Revenue Service

Household Electrification Savings Calculator A tax credit for alternate fuel/ ev chatting does not shower up when I search my zip code in the previously linked website.
This is a bummer, unless I'm not reading correctly...

Strange, my CPA did not say anything about the credit being limited to certain census tracts. And I am also (hopefully!) getting a substantial tax credit of 30% for my solar installation that was completed in 2023.

I will ask him.

 

[mongo]

Btw, make sure only the Tesla universal wall connector (effectively gen 4) is purchased and not the gen 3. The UWC is compatible with the Cybertruck vehicle to load/home charging. Note it’s one of the necessary components but the point is the gen 3 is not compatible. UWC now only.
Amazing that rhe CT equals a Powerwall 3 in size the V2L

Oh wow, I didn't realize ONLY the UWC was compatible with Powershare.

The new UWC is only needed if you don't already have a Powerwall.

https://twitter.com/x/status/1730490103624241200

https://twitter.com/x/status/1731186119914754484

 

[Eric33432]

For those planning on the 30% tax credit for installing an ev charger, do you all live in a "rural" census tract?

I was trying to understand the credit from the form 8911 instructions and it seems like they have blocked most populated zip codes from being able to receive the credit?

Instructions for Form 8911 (01/2023) | Internal Revenue Service

Household Electrification Savings Calculator A tax credit for alternate fuel/ ev chatting does not shower up when I search my zip code in the previously linked website.
This is a bummer, unless I'm not reading correctly...

Strange, my CPA did not say anything about the credit being limited to certain census tracts. And I am also (hopefully!) getting a substantial tax credit of 30% for my solar installation that was completed in 2023.

I will ask him.

Well, Crap!

The tax credit for post 2022 EVSE installation does not apply if you live in an urban census tract, unless it is a low income area. My CPA sent this, which pretty much just confirms what Wattsupguys has already reported.

None of the articles from Forbes, etc., that I read point this out.

Note that my city is not on the list but I think that is because it is part of the Miami-Ft. Lauderdale metropolitan statistical area ("MSA").

I would say very few people will qualify for this tax credit.

Still checking on if the 30% solar tax credit has similar exclusion. I will report back when I hear from my CPA.

 

[Eric33432]

My CPA sees no restrictions on the 30% tax credit for a solar installation in 2023.

 

[ChadS]

For the EVSE installation credit (this does not apply to other items):

You can look up your census tract HERE. Enter your address, then look for GEOID under "Census Tracts". If that 11-digit number is in the IRS' Appendix A or B (one for rural tracts, one for low income - see HERE) then you can take the credit. Mine isn't; too bad as I installed two EVSEs in November.

Better yet, there is an unofficial map HERE. You can just zoom in on your house; if it is in an area drawn in green, beige or gray then your tract qualifies. If drawn in normal color, you don't. But it can be fun to see how close some neighbors are that do qualify.

 

[mwestk]

For the EVSE installation credit (this does not apply to other items):

You can look up your census tract HERE. Enter your address, then look for GEOID under "Census Tracts". If that 11-digit number is in the IRS' Appendix A or B (one for rural tracts, one for low income - see HERE) then you can take the credit. Mine isn't; too bad as I installed two EVSEs in November.

Better yet, there is an unofficial map HERE. You can just zoom in on your house; if it is in an area drawn in green, beige or gray then your tract qualifies. If drawn in normal color, you don't. But it can be fun to see how close some neighbors are that do qualify.

this new location requirement eliminates the credit for the vast majority of people buying teslas or other evs. What is the IRS logic behind this new rule? Are they anti-ev?

 

[jddaigle]

this new location requirement eliminates the credit for the vast majority of people buying teslas or other evs. What is the IRS logic behind this new rule? Are they anti-ev?

It's probably means-testing, inserted into the legislation at the insistence of a Congressperson or two, to make sure people who make "too much" money don't get the credit. We here in the US are very hung up on making sure that only people who "deserve" it get benefits, rather than following the rising-tide-lifts-all-boats model. But I digress.

 

[Jeff-4]

this new location requirement eliminates the credit for the vast majority of people buying teslas or other evs. What is the IRS logic behind this new rule? Are they anti-ev?

It's probably means-testing, inserted into the legislation at the insistence of a Congressperson or two, to make sure people who make "too much" money don't get the credit. We here in the US are very hung up on making sure that only people who "deserve" it get benefits, rather than following the rising-tide-lifts-all-boats model. But I digress.

By the way, my accountant just filed my 2023 taxes, and, to my surprise and disappointment, my EVSE installation costs were not allowed. Wading through my Form 8911, in 2023 there is a new set of lines that compare the "Net regular tax" (taxes paid less credits received, for me the EV purchase credits) to the "Tentative minimum tax" which is a measure of AMT (alternative minimum tax). Since the "Net" was smaller than the "Tentative," the credit for EVSE was disallowed. This was not the case for 2022 and earlier.

It's a bit head-spinning, but this is certainly a means-testing mechanism to disallow the "Alternative Fuel Vehicle Refueling Property Credit" for higher-income filers.

Bottom line: Be careful, going forward, you may not qualify for those lovely EVSE credits.

 

[Rocky_H]

AMT is about the most unexplainable mysterious thing in all of personal income tax. My wife and I are pretty high income and keep thinking AMT is going to happen, but then we push the button and TurboTax just says, No AMT this year! No real explanation of why or what it's looking at.

 

[Noflash]

By the way, my accountant just filed my 2023 taxes, and, to my surprise and disappointment, my EVSE installation costs were not allowed. Wading through my Form 8911, in 2023 there is a new set of lines that compare the "Net regular tax" (taxes paid less credits received, for me the EV purchase credits) to the "Tentative minimum tax" which is a measure of AMT (alternative minimum tax). Since the "Net" was smaller than the "Tentative," the credit for EVSE was disallowed. This was not the case for 2022 and earlier.

It's a bit head-spinning, but this is certainly a means-testing mechanism to disallow the "Alternative Fuel Vehicle Refueling Property Credit" for higher-income filers.

Bottom line: Be careful, going forward, you may not qualify for those lovely EVSE credits.

Not only was I not able to write off the cost of installation, I had to pay income taxes on the two chargers I received through referral credits.

Hard to complain too much. I did get $14k back for buying two MYs last year.

 

[kpanda17]

Seems the other countries close the gaps, provide more social safety net by crushing sales/consumption taxes
we dont have it too bad here, but def HATE taxes, the necessary EVIL

 

[mwestk]

By the way, my accountant just filed my 2023 taxes, and, to my surprise and disappointment, my EVSE installation costs were not allowed. Wading through my Form 8911, in 2023 there is a new set of lines that compare the "Net regular tax" (taxes paid less credits received, for me the EV purchase credits) to the "Tentative minimum tax" which is a measure of AMT (alternative minimum tax). Since the "Net" was smaller than the "Tentative," the credit for EVSE was disallowed. This was not the case for 2022 and earlier.

It's a bit head-spinning, but this is certainly a means-testing mechanism to disallow the "Alternative Fuel Vehicle Refueling Property Credit" for higher-income filers.

Bottom line: Be careful, going forward, you may not qualify for those lovely EVSE credits.

yeah i was never aware of the income rule, need to be in specific location to qualify, if i knew before I bought the wall charger i probably would have gotten the mobile outlet charger which is sufficient for my needs

 

[mongo]

View attachment 1021424
Seems the other countries close the gaps, provide more social safety net by crushing sales/consumption taxes
we dont have it too bad here, but def HATE taxes, the necessary EVIL

US numbers are off, both employees and employers pay 6.2% for social security/ medicare (FICA) 12.4% combined.
11.2 personal income tax is sub $90k AGI giling jointly and no state tax (assuming state income tax is in scope along since property tax is).

 

[Noflash]

View attachment 1021424
Seems the other countries close the gaps, provide more social safety net by crushing sales/consumption taxes
we dont have it too bad here, but def HATE taxes, the necessary EVIL

Maybe they don't feel so crushed:

 

[Midpack]

^^^ I guess people in warm climates aren’t as happy?