Jehovasfitness

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I guess I won’t be getting one because I don’t owe the IRS so I must be broke.
it's not what you owe when you file taxes, it's what you'd paid in federal income tax, your tax liability.





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graniterubi2dr

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HI Guys,
very helpful thread, i'm still mulling over trading in my 2dr JL Rubicon for a new 4xe. All that tax info is very helpful along with the links. I see the 4Xe is still not on the Fed Tax page of approved FCA cars but i think it'll likely be there ( although i guess that is still a risk). It seems that at least for the next 6 months there isn't much danger of FCA selling 150K PHEV and depleting the 7500 tax credit.
I'm sure this is a very naïve question but, if i decide to get the 4Xe, is there some kind of form i need to secure which shows the date of purchase that i'd need to fill out to prove that by the time i do my 2021 taxes in 2022, i was in fact within the allowed 150K allotment of FCA PHEV's? How do they know if your vehicle was purchased within the open 7500 tax credit period?
 
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Asterix2112

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HI Guys,
I'm sure this is a very naïve question but, if i decide to get the 4Xe, is there some kind of form i need to secure which shows the date of purchase that i'd need to fill out to prove that by the time i do my 2021 taxes in 2022, i was in fact within the allowed 150K allotment of FCA PHEV's? How do they know if your vehicle was purchased within the open 7500 tax credit period?
I've done it twice, I use Turbo Tax. I think (I can't really remember) they asked the date you purchased, maybe you need to put in the VIN (don't think so), but no there is no other 'proof' you need. (Now if you get audited I am sure they will make you prove you bought the car!) They are not going to over their allotment this year, but the way that works is they set a date. If you car is bought after day x you only get this much. So it's not like you have to keep track if you are car 200,000 or 200,001!
 

graniterubi2dr

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thats good to know, I'll just let my accountant know. i"m guessing people are pretty confident that the 4Xe will in fact be eligible for the $7500 credit. It would really suck if for some reason it was not eligible.
 

Loops

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The Colorado tax credit can be claimed at purchase if financing, anyone done this before?
https://www.colorado.gov/pacific/sites/default/files/Income69.pdf
" However, in lieu of claiming the credit, a purchaser or lessee who obtains financing for the purchase, lease, or conversion of a qualifying motor vehicle or truck may elect to assign the credit to the financing entity that finances the purchase, lease, or conversion. In the case of assignment, the financing entity must file a Colorado income tax return with all required forms and documents to claim the credit. "
 

graniterubi2dr

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Hello everyone,
OK looks like IRS added the PHEV Wrangler to their eligible list for the $7500 tax credit which is awesome. https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit

I'm wondering if anyone from PA has any knowledge on state level grants or tax incentives for purchasing a PHEV car or installing the required Level 2 charging station. It looks like you can get up to $3500 for installing level 2 charging at private work place or private non - public multi unit dwellings but not single family houses. http://www.depgis.state.pa.us/DrivingPAForward/ (scroll to bottom) Just wondering if anyone from PA has figured out the PA PHEV rules / credits / grants yet. Don't want to leave anything on the table and everyone here seems to have a much better idea of these things than i do.

Thanks.

Mike W
 
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I have a question for everyone. If I lease the 4xE from a dealer, wouldn't the dealer be the one that gets the $7500 credit, then passed that along to me as an additional discount?

I ask because I reached out, and the dealer told me that was not correct. On my own, there's no way I would meet the requirements to get even half of the credit. (Under $2.5K taxes owed for the 2020 CY)

If I can lease, and get the $7500 applied, that would work well for me.

Is that not how the program works? I thought I had read that somewhere, but perhaps I am mistaken.
 
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Asterix2112

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I do not believe it applies for leases at all (as in the dealer does not get money from the Gov't). It's only for individuals who buy an electric car.
 

Sboden

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It applies to leases. They take it off the capital costs. I'm sure you need to give some proof of tax liability. They did it his way with the Pacifica. If you look at the on-line build system for the 4XE, you will see they don't give an estimated lease price yet. Jeep is working on residual and stuff like the tax rebate. I'd guess residual is the main reason. All of this info from the dealership.
 

Sboden

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Well that sucks for me then. :lol: I don't pay enough in taxes to even get close to the full rebate.
Depends on what you mean by paying taxes. My tax obligation last year was 27K and I got a refund back. Because my tax obligation above 12K, I get the full $7500 tax rebate. It isn't whether you paid at the end of the year or got a refund at the end of the year.
 

Sboden

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I have a question for everyone. If I lease the 4xE from a dealer, wouldn't the dealer be the one that gets the $7500 credit, then passed that along to me as an additional discount?

I ask because I reached out, and the dealer told me that was not correct. On my own, there's no way I would meet the requirements to get even half of the credit. (Under $2.5K taxes owed for the 2020 CY)

If I can lease, and get the $7500 applied, that would work well for me.

Is that not how the program works? I thought I had read that somewhere, but perhaps I am mistaken.
If your total tax obligation was 2.5K, you wouldn't qualify. On a positive note, you hardly paid any taxes also :)
 
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Depends on what you mean by paying taxes. My tax obligation last year was 27K and I got a refund back. Because my tax obligation above 12K, I get the full $7500 tax rebate. It isn't whether you paid at the end of the year or got a refund at the end of the year.
Based on what the OP referenced, line 16 for 2019 return, I had $0. LOL I am Active Duty Military, and claim 4 dependents. However, I am retiring in August and was thinking of buying this as my retirement gift.
 

Sboden

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Based on what the OP referenced, line 16 for 2019 return, I had $0. LOL I am Active Duty Military, and claim 4 dependents. However, I am retiring in August and was thinking of buying this as my retirement gift.
Depends on what form you are filing your taxes on. The OP is correct about line 16 if it is a 1040 and 2018 or a 2019 return.
 

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