I have transitioned from a salaried job to a contractor starting this year. Now the full check comes to me (nothing deducted) and I need to file estimated taxes. Lets say the total yearly income is expected to be same as last years salaried job (around $110K), and based on my filing last year's taxes after standard deduction, I owed tax of $8,400 (MFJ with taxable income of $78K after standard deduction), which was almost the same as what was deducted in payroll federal tax last year. Given that, if I want my fully eligible EV Tesla Y credit of $7,500, do I make my estimated federal tax payments of at least $7,500 or more eg $8,000 this year, to get the full benefit of the EV's federal $7,500 credit? Is my understanding that if I pay less eg $7,000 in taxes, then I will lose the $500 of the EV's federal tax credit. Pls let me know if you need any clarification. Any insight will be very much appreciated.
