JyChevyVolt
Active Member
Last year, family four needed to gross $86,000 for the full tax credit. How much is it this year?
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New tax law and federal tax credit
- Thread starter JyChevyVolt
- Start date
- Replies 5
- Views 2K
Feed The Trees
Active Member
Well by saying family of four you're already talking breaks, so you can't go by gross. All that matters is net of whatever tax situation you have. I'll go lookup married tax brackets brb.
Ok
0 - 19,050 @ 10% so $1,905
19,051 -77,400 @ 12% is $7,001.88
So right there you're already past $7,500. Backing into what's left you need $46,625 of the 12% bracket plus the $19,050 of the 10% so $65,675 taxable income so far.
The family's standard deduction is $24,000 so up to $89,657. There is no personal exemptions. If that's all you have, just standard deductions, then that's your figure.
If you have additional SALT or other items to deduct it will be more, accordingly.
Ok
0 - 19,050 @ 10% so $1,905
19,051 -77,400 @ 12% is $7,001.88
So right there you're already past $7,500. Backing into what's left you need $46,625 of the 12% bracket plus the $19,050 of the 10% so $65,675 taxable income so far.
The family's standard deduction is $24,000 so up to $89,657. There is no personal exemptions. If that's all you have, just standard deductions, then that's your figure.
If you have additional SALT or other items to deduct it will be more, accordingly.
Last edited:
JyChevyVolt
Active Member
What about child tax credit?Well by saying family of four you're already talking breaks, so you can't go by gross. All that matters is net of whatever tax situation you have. I'll go lookup married tax brackets brb.
Ok
0 - 19,050 @ 10% so $1,905
19,051 -77,400 @ 12% is $7,001.88
So right there you're already past $7,500. Backing into what's left you need $46,625 of the 12% bracket plus the $19,050 of the 10% so $65,675 taxable income so far.
The family's standard deduction is $24,000 so up to $89,657. There is no personal exemptions. If that's all you have, just standard deductions, then that's your figure.
If you have additional SALT or other items to deduct it will be more, accordingly.
Feed The Trees
Active Member
What about child tax credit?
yup add another 4k so $93,657
JyChevyVolt
Active Member
I think the tax credit is different from deduction.yup add another 4k so $93,657
That's $18,200 @ 22% = $4000
Around $108,000. People who max out their 401k and IRA will have a hard time generating enough tax. Maybe some IRA to Roth conversion.
Feed The Trees
Active Member
Right, good call. 108k. Yeah that's probably why they didn't mind keeping it. It's for the rich and not everyone who does claim it will get all of it anyhow.
Can you carry it forward at all?
We know how many EV credits get claimed, but does anyone know the average dollar value of those claims? Or even better a histogram with $750 bins?
Can you carry it forward at all?
We know how many EV credits get claimed, but does anyone know the average dollar value of those claims? Or even better a histogram with $750 bins?