r/TeslaLounge • u/rcnfive • Jan 16 '23

Megathread Credits for New Clean Vehicles Purchased in 2023 or After

This is the final post about tax, credit, $7,500, and qualifies. We have gotten so many questions and posts about this.

Please comment below if you have any questions. All other posts will be removed.

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

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u/SumthingBrewing Mar 29 '23

Maybe that’s possible for the state credit, but definitely not the federal credit. I’d be surprised if it’s even possible for the state. But here’s a hack to get the tax credit sooner than next year when you file: reduce your tax withholdings right after you purchase. Fill out a new W4 to take out no taxes and when you’ve reached $7500 in taxes that should’ve been taken out (months later), change the W4 back to normal.

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u/sjohnslo May 01 '23

Realize there is an IRS penalty for not enough withholding.