PSaulet
Well-Known Member
- First Name
- Pascal
- Joined
- May 5, 2020
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- [F78] Adainville
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- Vw Amarok, Tesla M3, Caterham, Annulé Mach e
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- #1
That would good for us, not so good for youSounds like Ford is highly incentivized to sell every MME they can in Europe before the end of 2020 in order to meet emissions targets.
Yeah, there are some big financial implications for not getting the car in Fall 2020 in the USA.That would good for us, not so good for you
Absolutely correct. Why would they risk losing all that money at a time when they need to recoup as much as possible. Dont forget, it is probably not just Ford that this will potentially affect. All of the European auto makers will have the same issue.I am surprised that the European Commission is taking that stance given the current crisis and economic turmoil. I guess they want their billions in penalties.
Although you could adjust the withholding by your employer (if you are on W-2) based on your estimated taxes in 2021.If Ford delays US deliveries into early 2021, then that means anyone counting on that $7500 to use towards their down payment (like me) has to float the money for a year or more before getting it back on their taxes in 2022.
My personal preference from a tax perspective is to buy the car in December 2020 to minimize the window of time I'm floating that $7500.
in my case I plan to retire at the end of 2020, so I expect my 2021 income to drop. That may hinder my ability to recoup the full $7500.Although you could adjust the withholding by your employer (if you are on W-2) based on your estimated taxes in 2021.
For those in the US, even if you don't take delivery until 2021, you can recoup the $7500 tax credit almost immediately by changing your Federal Tax withholding. You don't have to wait until you file your 2021 taxes in early 2022 to get the cash back.Yeah, there are some big financial implications for not getting the car in Fall 2020 in the USA.
For those of you not familiar with US taxes...
buyers in the US can potentially take advantage of the Federal EV tax incentive of $7500 during the calendar year they bought the car in. US Federal tax returns are filed typically between February and the April 15 deadline of the following year. So any MMEs bought in 2020 would be claimed on taxes between February and April 15, 2021 with the EV credit possibly being refunded in full a couple of weeks after filing.
If Ford delays US deliveries into early 2021, then that means anyone counting on that $7500 to use towards their down payment (like me) has to float the money for a year or more before getting it back on their taxes in 2022.
My personal preference from a tax perspective is to buy the car in December 2020 to minimize the window of time I'm floating that $7500.
Lol, I feel like we are in an arm wrestling match. In the famous words of Veruca Salt, "I want a Mustang Mach-E now!"That would good for us, not so good for you
I would say "Oh that's a shame", but since I am jealous because I have another decade of working I won'tin my case I plan to retire at the end of 2020, so I expect my 2021 income to drop. That may hinder my ability to recoup the full $7500.
I'm dubious that it will change anything for Ford. Every time there's a recession, it dramatically impacts new vehicle sales, both in total, and in the types of vehicles people buy. On average, people look to spend less. That means cheaper models, which means smaller models (which are naturally more fuel efficient). That means the average fuel efficiency of ICE vehicles sold automatically improves.Sounds like Ford is highly incentivized to sell every MME they can in Europe before the end of 2020 in order to meet emissions targets.
If you'll be over age 59 1/2 at the time, you can take a substantial withdrawal from a tax-deferred retirement account (IRA, 401(k), etc) in the same year as the MME purchase (assuming you have one). You'll have to estimate how much income you'll need to produce a $7500 federal income tax liability. If your normal income for that year is, say, $20,000 short, then take a $20k IRA withdrawal.in my case I plan to retire at the end of 2020, so I expect my 2021 income to drop. That may hinder my ability to recoup the full $7500.