PSA: You may not get the full EV tax credit if you're comparing 2017 taxes

Discussion in 'Prime Main Forum (2017-2022)' started by triggerhappy007, Dec 12, 2018.

  1. triggerhappy007

    triggerhappy007 Active Member

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    It's almost the end of the year so put all your ducks in a row so you will get the full EV tax credit. It seems like the new tax code benefited families with kids. So if your income is less than $400K combined, you'll get $2000/child under 17. The standard deduction for married couples increased to $24,000 from $12,700. You can use TurboTax (or probably any other program) online for free to estimate your 2018 tax liability. You'll only need to pay to file your taxes. They do not have the EV tax credit available yet, but just use it to calculate your tax liability. If you don't have enough tax liability contact a tax pro to see what options you have like Roth IRA conversion.
     
    #1 triggerhappy007, Dec 12, 2018
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  2. fuzzy1

    fuzzy1 Senior Member

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    ... while the old Standard Exemption disappeared.

    There are numerous changes, so if anyone is at all close on this and might need to adjust income through Roth conversions or other financial maneuvers, then I second the suggestion to start a draft set of forms right now. I started mine over the weekend.

    This year, the forms have a postcard-like format, likely to keep some political promise about filing on a postcard. (Remember Ivanka's premature claim about filing by postcard this past spring?) But don't expect anything to be shorter, just be ready to pull out a heavy duty stapler that can handle a thick pile of postcard forms.
     
    #2 fuzzy1, Dec 12, 2018
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