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Claining the full $7,500 federal tax credit

Discussion in 'Clarity' started by TrueBlueNYC, Apr 19, 2018.

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  1. Apr 19, 2018 #21
    jane smith

    jane smith New Member

    MEGREYHAIR - The Federal Tax Credit applies against tax liability. The $10,000 limit is a cap on SALT deductions and is unrelated to the Tax Credit.
     
  2. Apr 20, 2018 #22
    bfd

    bfd Active Member

    We had a substantial return this year thanks to the car and solar system (plus additional work needed to make it function). I suspect we will find out next year that we owe that much thanks to the 2017 "tax deal":mad:
     
  3. Apr 20, 2018 #23
    jdonalds

    jdonalds Well-Known Member

    Redding, CA
    That's pretty much my story KentuckyKen. I did it at the end of December and got the whole Tax Credit already.
     
  4. Apr 20, 2018 #24
    bobcubsfan

    bobcubsfan Active Member

    Solar is an energy credit which can be carried forward if not used. We did that.
     
  5. Apr 20, 2018 #25
    jdonalds

    jdonalds Well-Known Member

    Redding, CA
    Same here. It's also nice that the Car Tax Credit, only good for the year it was purchased, is used first which allows the five year solar tax credit to be pushed out to future years.
     
  6. Apr 20, 2018 #26
    marshall

    marshall Well-Known Member

    South Puget Sound
    If you have a traditional 401k from a former employer, transfer it into a traditional IRA, and then do a Roth conversion to generate taxable income. See a tax advisor for help on doing this correctly.
     
    TrueBlueNYC, lordsutch, AndyBA and 1 other person like this.
  7. Apr 21, 2018 #27
    TrueBlueNYC

    TrueBlueNYC New Member

    I am in the Albany area. I have been negotiating with a few Honda dealers in my area. The best offer I've got so far for the Clarity Touring is $35,000. I wonder if I should expand my search radius to include NYC.
     
  8. Apr 21, 2018 #28
    TrueBlueNYC

    TrueBlueNYC New Member

    I was thinking along the same lines. I will check with a tax advisor to do just this. A bit off topic, but I feel like we're currently in a historically low tax environment and long term, taxes are poised to go up. A ROTH conversion makes a lot of sense, and just may help me capture the full $7,500 tax credit.
     
  9. Apr 21, 2018 #29
    KentuckyKen

    KentuckyKen Well-Known Member

    Kentucky
    If your 401K is pre-tax $ like mine, you can withdraw directly to generate taxable income.
     
  10. May 7, 2018 #30
    kcsunshine

    kcsunshine Active Member

    Long Island
    How was the costco deal? Truecar has the touring at $34,121 by me. I assume this is without the NYS incentive.
     
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