Update on Mach-E launch progress from engineering friends in Mexico

[engnrng]

Sure you can adjust it. But technically you don't claim it on your tax return until the next year. And like they say "its not done till the fat lady sings". The tax rules can can, shit happens, gov runs out of money... Some people feels comfortable doing it while others not. Nothing wrong with them having concerns.

I prefer to make choices based on complete and accurate information where possible. If people are making decisions based on incomplete or inaccurate information, then I feel sad for them, particularly if they are spreading that same bad information on this forum and causing other people to make poorly informed decisions. "But technically you don't claim it on your tax return until the next year." I do not agree with this statement or its implied conclusion. Just because a form is not submitted does not make the information that will go on the form less valid. Technically, the "claim" occurs when I take delivery of my vehicle, not when I submit a form a year or more later. There is one potential event that could reduce the immediate benefit of the $7500 tax credit: a loss of income that puts your tax liability below $7500 for 2021. For some people that is a real concern. If they don't use the full $7500 to reduce their Federal Taxes to $0 for 2021, they will roll over the remainder to 2022. I apologize for being OT, but I am not the one who put incorrect information into this thread. Is there a thread that deals with the Federal Tax Credit? I will go look for it now.

 

[janitorjim]

I prefer to make choices based on complete and accurate information where possible.

Internet says "hold my beer"

 

[JDRGolfer1]

I prefer to make choices based on complete and accurate information where possible. If people are making decisions based on incomplete or inaccurate information, then I feel sad for them, particularly if they are spreading that same bad information on this forum and causing other people to make poorly informed decisions. "But technically you don't claim it on your tax return until the next year." I do not agree with this statement or its implied conclusion. Just because a form is not submitted does not make the information that will go on the form less valid. Technically, the "claim" occurs when I take delivery of my vehicle, not when I submit a form a year or more later. There is one potential event that could reduce the immediate benefit of the $7500 tax credit: a loss of income that puts your tax liability below $7500 for 2021. For some people that is a real concern. If they don't use the full $7500 to reduce their Federal Taxes to $0 for 2021, they will roll over the remainder to 2022. I apologize for being OT, but I am not the one who put incorrect information into this thread. Is there a thread that deals with the Federal Tax Credit? I will go look for it now.

And what happens if the federal tax credit is no longer available at year end?!? You're stuck with an additional 7500 owed in taxes that you didn't plan for...I prefer to wait until I file my taxes to take advantage of the credit. My 2 cents.

 

[Garbone]

And what happens if the federal tax credit is no longer available at year end?!? You're stuck with an additional 7500 owed in taxes that you didn't plan for...I prefer to wait until I file my taxes to take advantage of the credit. My 2 cents.

The tax credit is phased out by quarter. In theory a person should know at time of delivery if it is still available for that quarter. I read it on the interwebs so it must be true.

 

[ARK]

And what happens if the federal tax credit is no longer available at year end?!? You're stuck with an additional 7500 owed in taxes that you didn't plan for...I prefer to wait until I file my taxes to take advantage of the credit. My 2 cents.

I think negative changes to the tax law are not generally applied retroactively because the government doesn’t want to pull the rug out from people. I think positive changes to tax laws sometimes are applied retroactively, like tax cuts where you might find out mid year that your taxes for the whole year will be lower.

But practically speaking, given the results of the most recent federal election, this time next year you are much more likely to be saying something like “if only I took delivery just a month later, my tax credit would have been so much bigger” as opposed to “I can’t believe they lowered the tax credit I was going to get after I already bought and took delivery of my car”.

 

[timbop]

Assuming that a democratic administration doesn't rescind something they wholeheartedly favor, and that you wait until you buy your car to change the withholdings then there isn't a lot of risk. Well, except if you forget to readjust the withholding after you hit the $7500. If you're adventurous you could adjust withholdings before getting the car, given that the $7500 applies until the end of the quarter AFTER the quarter in which they hit 200,000 EV's sold in the US. Late last year they were at 126,000, so it's very unlikely they hit the 200,000 mark until well into MY 2022 sales. I don't think I would do that, though, just in case you don't end up buying the car - uncle sam might hit you with penalties

 

[dbsb3233]

I think negative changes to the tax law are not generally applied retroactively because the government doesn’t want to pull the rug out from people. I think positive changes to tax laws sometimes are applied retroactively, like tax cuts where you might find out mid year that your taxes for the whole year will be lower.

I think he was more just playing devil's advocate in response to the other poster that claimed the only way someone could miss out on the tax credit is if their income situation changed and they didn't have enough tax liability. Another way could be if they changed the law.

I agree that it's pretty unlikely they'd change the federal tax credit to eliminate it, add an income cap, etc. But it's always possible. NJ did just that with theirs, catching a lot of buyers by surprise.

 

[RyZt]

I think he was more just playing devil's advocate in response to the other poster that claimed the only way someone could miss out on the tax credit is if their income situation changed and they didn't have enough tax liability. Another way could be if they changed the law.

I agree that it's pretty unlikely they'd change the federal tax credit to eliminate it, add an income cap, etc. But it's always possible. NJ did just that with theirs, catching a lot of buyers by surprise.

NJ didn't do that retroactively. Unless I misunderstood, if you took delivery before the change was made, you still get the credit.

 

[JSOrange97]

NJ didn't do that retroactively. Unless I misunderstood, if you took delivery before the change was made, you still get the credit.

Correct. They set a deadline for delivery (12/15/20), which covered purchases from 1/17/20-12/15/20, with a March 2021 deadline to apply.

Edit: It is anticipated that the program restarts as a point of sale rebate later this year (summer) and there has been no talk of making it retroactive to cover the hole created starting 12/16/20.

 

[Rocky29670]

I know this is a dead thread, but I don't see why people don't start a new thread if they want to start a tax discussion thread. Or use one of the many existing threads to argue over someone else's taxes. I could care less if they are doing tax fraud and end up in Shawshank. I just want to hear about updates from the plant in this thread.

 

[eltonlin]

I know this is a dead thread, but I don't see why people don't start a new thread if they want to start a tax discussion thread. Or use one of the many existing threads to argue over someone else's taxes. I could care less if they are doing tax fraud and end up in Shawshank. I just want to hear about updates from the plant in this thread.

it's only 400 miles from Cuautitlan to Zihuatenejo..

 

[Flydivesurf]

I know this is a dead thread, but I don't see why people don't start a new thread if they want to start a tax discussion thread. Or use one of the many existing threads to argue over someone else's taxes. I could care less if they are doing tax fraud and end up in Shawshank. I just want to hear about updates from the plant in this thread.

The plant is turning out cars at a rate that will eventually put them on schedule without sacrificing quality. While parts are tight worldwide and at Ford, the mach-e should be set barring any unforseen circumstances.

There really won't be any further updates unless something odd happens. Everything else is related to shipping and similar items and those with information on that aspect are posting in other threads.

 

[hybrid2bev]

Baby Mach-E's being born.

From the factory unofficial FB page.

 

[Illinibird]

A "Birth Certificate" made for my 2002 Thunderbird (by an employee of Ford who was also in our Thunderbird forum). You can see all the steps for this car and how many days for each step. Thunderbirds were made at the Wixom Plant in Michigan.

 

[Illinibird]

Susan and me at the end of the assembly line where the Thunderbirds were "born."