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Federal tax incentive
Posted 03 March 2018 - 11:57 PM
I am very interested in buying a CMax after research. I have questions about tax credit. LET say if I buy a brand new 2017 CMax (0 miles) and now is 2018. Do I still qualify for federal tax credit of 4000 usd ?. The dealer quoted me for 22000 usd for a new CMax 2017 model after rebate ...so after tax credit , don’t I just pay only 18K for a brand new 2017 CMax ?
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Posted 04 March 2018 - 07:28 AM
The short answers are yes and yes to your two questions provided you purchase the car in 2018 and your Federal tax liability for 2018 will be at least $4007 (which is the available FTC for an Energi).
Now on a cash flow basis, you pay the dealer the full price of $22000. You claim the $4007 FTC on your 2018 FIT return. So, when you "receive" the $4007 cash depends on how you pay for your expected 2018 FIT liability. If you don't adjust your FIT withholdings or quarterly 2018 IRS tax payments, you may not "receive" the $4007 until after you file your 2018 FIT return. Also, if you can't claim the full tax credit in 2018, you will lose any unclaimed credit as the credit cannot be carried over to following years for a personal use vehicle.
- cr08 likes this
Posted 04 March 2018 - 08:05 AM
One thing I realized and it would be best to check as I am not an accountant and have not played one on TV. Is that if you don't pay enough in taxes to use the full credit you could see about converting a standard 401K to a Roth and use the tax credit to offset the penalty.
Posted 04 March 2018 - 08:38 AM
Posted 04 March 2018 - 08:56 AM
Dont forget! There's also a federal 30% tax credit for buying and installing an electric vehicle charging station.
Posted 04 March 2018 - 08:59 AM
I really like mine but also check out the Honda Clarity has 47 Mile EV range gets the full 7500 federal tax credit, not a hatchback but is a current model vs end of the line.
The local dealer in Denver does have a 2017 Energi
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