Hello,
Estimates are sent in so that you pay as you go through the year. It is an 'estimate' because your taxable income can change each year.
If you are expecting an EV credit of $7500, then your taxable income would be reduced by up to $7500.
Remember this information:
In addition, the vehicle's manufacturer suggested retail price (MSRP) can't exceed:
- $80,000 for vans, sport utility vehicles and pickup trucks
- $55,000 for other vehicles
MSRP is the retail price of the automobile suggested by the manufacturer, including manufacturer installed options, accessories and trim but excluding destination fees. It isn't necessarily the price you pay.
I suggest looking at the IRS.GOV page for more information about the EV credit. I would hate for you to not pay your estimates and then not qualify for the EV Credit.
Here is the link that you can copy and paste to see the IRS.Gov page.
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
Enjoy your new EV. I just bought a Tesla and LOVE IT!!
KatherineS63
