I recently purchased (June 2023) a new 2023 Tesla Model Y. How do I make sure I can claim the full $7,500 tax credit?
Some information about my income and taxes:
-I am married and file taxes jointly.
-We have a combined gross income of about $190,000.
-When we file taxes, we typically receive a federal refund. For 2022, we received $1,249 back. For 2021, we received $3,756 back.
Some additional questions:
- I don’t quite understand tax liability. We pay more than $7,500 in federal taxes. Just my federal tax withheld on my paychecks is around $1,534.49 per month.
- Will I receive the tax credit of $7,500 on the sole basis that my federal tax withheld is more than $7,500 per year? Does this come as a refund? Or, do I need to make sure I have additional federal taxes due of at least $7,500 when I file for the 2023 tax year by withholding federal taxes between now and the end of 2023?
- If I do need to have at least $7,500 of additional federal taxes due when I file for the 2023 tax year… In order to claim the $7,500 tax credit, do I need to adjust my taxes withheld by filling out a W-4 Employee’s Withholding Certificate form? If so, how do I fill this out correctly so I can claim the $7,500 tax credit?
- Is there any additional information I should know or consider?
The ev tax law changes and ev tax credit incentive is very confusing for me to understand. If you can break it down to its simplest form for me to understand, that would be greatly appreciated.
Thank you so much! 🙂
