Self employed

Great question re EV credits, and great to ask them ahead of time.  There are a lot of factors to consider and one of them is your income.  

Some other qualifications:

• Used car must be plug-in electric or fuel cell with at least 7 kilowatt hours of battery capacity.
• Only qualifies for the first transfer of a vehicle.
• Purchase price of car must be $25,000 or less.
• Car model must be at least two years old.
• Vehicle must weigh less than 14,000 pounds.
• Credit can only be claimed once every three years. 

I’m including references to two easy to read articles that will talk through the various items to consider.

https://www.nerdwallet.com/article/taxes/ev-tax-credit-electric-vehicle-tax-credit

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/electric-car-tax-...

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Best,
teri

The tax system is a pay as you go.  The quarterly payments are due as follows. 

So, if you had earning in August, you’d pay an estimate by September 15^th.  Then the fourth quarter payment will be trued up by January 15^th.

Best,
Teri H

Yes, there are two options to avoid the penalty and you have meet the first.  And since you've met that requirement, the 59 1/2 comment is unnecessary.

If you wish to avoid the penalty, you have two options (both must be completed before your tax filing deadline):

• Withdraw the excess contribution plus earnings: Keep in mind that the earnings are included in your taxable income for the year the excess contribution was made, so you’ll still receive a 1099-R to report these earnings on your tax return
• Recharacterize the Roth IRA contribution as a traditional IRA contribution: Contact your plan administrator for guidance on this process. After you’ve made your recharacterization, see these instructions for how to record this process in TurboTax

Hope this provides further clarity.

Best wishes,

Teri