Thoughts about the $7500 rebate

[Triggerhappy007]

If your income is under $80k or so, you don’t get the full credit.

That number seems high, where are you getting that number from?

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[Travman1974]

That number seems high, where are you getting that number from?

If you file as single then you will need taxable income > $53,400
A married couple > $65,800

This was for 2021 filing, 2022 may be slightly different.
https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

 

[FirstPony]

If you file as single then you will need taxable income > $53,400
A married couple > $65,800

This was for 2021 filing, 2022 may be slightly different.
https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

This brings up an interesting point that is worth discussing here.

If a married couple buys one of these cars, but only one of the two has $7500+ in tax liability but the other does not, then will it matter who's name is officially purchasing the car?

There is a mathematical matrix at play here, potentially. A married couple can file their taxes separately or together. But the car could be purchased and titled to one, the other, or both people. So in the end, which pairings of those make sense for what situations? Or, if you file jointly, does it perhaps not matter which of you has the car in their name?

I can foresee some some potential issues here. Any tax accountants hanging around the board?

 

[Mach1E]

That number seems high, where are you getting that number from?

Just a rough number from memory. I’m using gross income, but that’s about what it takes to have $7500 in tax liability if you take the standard deduction.

There are tax estimators online if you need an exact number.

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