3117185
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

gjangid03
New Member

Bought Tesla Model Y before April 17 2023, have agi more than 300k, Should I expect rebate

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Bought Tesla Model Y before April 17 2023, have agi more than 300k, Should I expect rebate

IRS website - https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

 

The credit is available to individuals and their businesses.

To qualify, you must:

  • Buy it for your own use, not for resale
  • Use it primarily in the U.S.

In addition, your modified adjusted gross income (AGI) may not exceed:

  • $300,000 for married couples filing jointly 
  • $225,000 for heads of households
  • $150,000 for all other filers

You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question