Tax Credit help please

[otolith]

I've read through various forums, searched online, etc. but I still have been unable to definitively answer my 2 simple questions:

- Do I qualify for the federal tax credit?
- How do I actually apply?

Most of what I come across is for people who have taken delivery and signed the "binding order agreement". I have taken delivery of my truck but did not sign the binding order agreement. Does that disqualify me?

Basic info:
- September 2020 R1S preorder
- Adventure, quad motor
- MSRP 79,000
- Took delivery in June 2023

Yes, my tax burden is greater than $7,500. I live in Louisiana if that helps. Thank you to anyone willing to help out.

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[Robotpedlr]

Since you are under 80k and assuming you are under $150k/$300k income, You can claim $3,750. See the fuel economy site, it is pretty simple drop down that shows it per vehicle.

https://fueleconomy.gov/feg/tax2023.shtml

 

[Autolycus]

I've read through various forums, searched online, etc. but I still have been unable to definitively answer my 2 simple questions:

- Do I qualify for the federal tax credit?
- How do I actually apply?

Most of what I come across is for people who have taken delivery and signed the "binding order agreement". I have taken delivery of my truck but did not sign the binding order agreement. Does that disqualify me?

Basic info:
- September 2020 R1S preorder
- Adventure, quad motor
- MSRP 79,000
- Took delivery in June 2023

Yes, my tax burden is greater than $7,500. I live in Louisiana if that helps. Thank you to anyone willing to help out.

It's all spelled out pretty clearly on this IRS page. You don't have the binding agreement, so you claim in 2023 based on your June 2023 delivery. Add it to your tax filing next April.

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

 

[otolith]

Can’t say I’ve I’ve ever seen “spelled out pretty clearly” and “IRS” in the same sentence but your help is much appreciated. I had not been directed to that page before. So I am disqualified from any tax exemption if my after tax income is greater than $300,00? First time I’ve come across that stipulation.

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