Thoughts about the $7500 rebate

[generaltso]

As I understand it, even if Ford hits 200k vehicles this year, we still get the full $7500 for the next 2 quarters after they exceed the limit.

Not exactly. The full credit remains in effect for the remainder of the quarter in which 200k was reached plus ONE additional quarter.

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[DarkStang]

You just fill out a form on the tax return with date of purchase and VIN. I did my own taxes and had to look for the form in Turbo Tax but it was fairly easy. No real extra paperwork was required.

That’s a relief, thanks! So it sounds like your purchase date and VIN are your magic ticket, as long as you were in the window at the time. Was hoping we wouldn’t all be racing each other to file with a finite amount of credits on the line.

 

[Triggerhappy007]

That’s a relief, thanks! So it sounds like your purchase date and VIN are your magic ticket, as long as you were in the window at the time. Was hoping we wouldn’t all be racing each other to file with a finite amount of credits on the line.

Only race will be against the clock. Let's say that the 200k was hit in quarter 3 this year, that means you need to take delivery by 12/31 to get the full tax credit. It will be interesting to see how many deliveries we get before the tax credit decreases.

 

[ChuckA]

A tax credit doesn’t cost Ford a penny. I expect Ford to ship and sell every MME they can. Orders become sales after they are delivered. Ford needs sales. I expect no holdbacks to manage the tax credit eligibility.

 

[Mrcon728]

You just fill out a form on the tax return with date of purchase and VIN. I did my own taxes and had to look for the form in Turbo Tax but it was fairly easy. No real extra paperwork was required.

I purchased my MME in January 2022. The way I am reading the IRS $7500 tax credit law is I have to wait until filing 2022's return to claim it. Am I correct?

 

[NJ_MachE]

I purchased my MME in January 2022. The way I am reading the IRS $7500 tax credit law is I have to wait until filing 2022's return to claim it. Am I correct?

Yes, but you can adjust your withholdings/estimated tax payments accordingly so you don't end up giving the government a $7500 loan.

 

[Mrcon728]

Yes, but you can adjust your withholdings/estimated tax payments accordingly so you don't end up giving the government a $7500 loan.

Great Advice. I never gave that a thought. I appreciate the info.

 

[Astro19]

I don't think Ford is thinking about anything other than delivering as many cars as quickly as they can.

Wait.... Ford is trying to make money?

I fell for the propaganda again.

 

[fpasta]

I went with Ford Options financing. So I do qualify for the tax credit because it is not a lease it's a retail contract? Just want to confirm. Geez I'm starting to sound like the posters on that Ford options vs lease sticky lol.

 

[Mach1E]

I went with Ford Options financing. So I do qualify for the tax credit because it is not a lease it's a retail contract? Just want to confirm. Geez I'm starting to sound like the posters on that Ford options vs lease sticky lol.

You qualify if you have at least $7500 in tax liability.

 

[machev]

I went with Ford Options financing. So I do qualify for the tax credit because it is not a lease it's a retail contract? Just want to confirm. Geez I'm starting to sound like the posters on that Ford options vs lease sticky lol.

You are correct, with Ford Options you are eligible for the federal tax credit.

 

[fpasta]

The govt takes about 40% tax out of my paycheck. I don't itemize either because I don't have to just straight forward. I think I should get all. I do my taxes myself because it's easy.

You qualify if you have at least $7500 in tax liability.

 

[TonyaE]

It’s nice to FINALLY be eligible for a tax break.

 

[Garbone]

Well I got the full rebate until the IRS said I did not because something something... Ends up I get a out 70% of it. Better than nothing.

 

[Mach1E]

Well I got the full rebate until the IRS said I did not because something something... Ends up I get a out 70% of it. Better than nothing.

You didn’t have $7500 in tax liability.

It’s non-refundable. So if you only owed $5000 in taxes on your income last year, you only get $5000 of the $7500 tax credit.

If your income is under $80k or so, you don’t get the full credit. Unfortunately nothing you can do after the fact to increase your income for last year.

For lower income people buying this year, Roth conversions, realized capital gains, or changing 401k contributions to Roth come to mind.

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