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Good to know. My guess is they would flag it but I have all the proof. Once I have it in hand I will have a $29K net Prime.
I just did a very quick look and I guess it's fine. I don't pay +$15,000 a year in federal income tax, so I think in terms of once a year.
 

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I expect I will be getting audited when I claim 2 credits next year for my original prime and the replacement prime
Replacement RAV4 Prime? So the first one got totaled? And then insurance paid out the full MSRP and you used that to buy another? Wow. That means you got $15k off the second prime? That a nice discount.
 

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21 Rav4 Prime SE with a little brother 95 LJ70 diesel
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Yes the first one was totaled, I paid MSRP for number 1 but 3K over MSRP for #2 other wise I would still be waiting for number 2 to get delivered on a RORO from Japan . I also had a $500 deductible I would strongly discourage someone from trying. I had good boy points on my insurance so no surcharge on the accident but to some folks they would be looking at a surcharge typically for three year on their insurance. I did not have replacement value insurance but typically the used car market will discount cars with rebates by the amount of the rebate. With me the Prime was so new the insurance companies valuation firm could not find used comparables and has to go with new MSRP stickers. That will change.

I have plenty of IRAs that I can convert to a Roth so near the end of the year I will estimate my taxes and if under 15K I will convert a few IRAs to Roths to bump my income and taxes up to exceed the 15K.
 

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Good all four of these promptly and properly.

1) Fed $7,500 tax credit
2) State of Oregon $2,500 check
3) Fed $180 tax credit on my Level 2 JuiceBox 40 EVSE purchase
4) Local utility $250 check for my Level 2 Juice Box EVSE install
 

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I thought you'd have to own it for two years or something? Maybe I am wrong on that, but it would kinda make sense.
 

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I thought you'd have to own it for two years or something? Maybe I am wrong on that, but it would kinda make sense.
Instruction says you just cannot buy it to resell or lease... owning for a year would probably be ok. This is not like selling your primary home, which would require living there for 2 years.

 

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Instruction says you just cannot buy it to resell or lease... owning for a year would probably be ok. This is not like selling your primary home, which would require living there for 2 years.

We received the full $7,500 first of March with zero problems.

Between college credit, EV tax credit and church donations we paid zero federal taxes in 2020.
 

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We received the full $7,500 first of March with zero problems.

Between college credit, EV tax credit and church donations we paid zero federal taxes in 2020.
Good for you, although they say if you pay zero, you overpaid. Because you likely left some of the deduction on the table. You did best if you paid a dollar. (However, I know it's possible to adjust an IRA to make this happen, so maybe you got it perfect.) I ended up like $50 short last year. My tax bill was like $4450, and the deduction was $4500. (Prius Prime) Still, can't complain.
 

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Good for you, although they say if you pay zero, you overpaid. Because you likely left some of the deduction on the table. You did best if you paid a dollar. (However, I know it's possible to adjust an IRA to make this happen, so maybe you got it perfect.) I ended up like $50 short last year. My tax bill was like $4450, and the deduction was $4500. (Prius Prime) Still, can't complain.
Crazy how you guys do that. I and up paying around $30k year after year .....
These EV credits will come in handy for this year!
 

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Good for you, although they say if you pay zero, you overpaid. Because you likely left some of the deduction on the table. You did best if you paid a dollar. (However, I know it's possible to adjust an IRA to make this happen, so maybe you got it perfect.) I ended up like $50 short last year. My tax bill was like $4450, and the deduction was $4500. (Prius Prime) Still, can't complain.
We usually come close or owe a little.

We had no plans buying the Prime when we started the tax year and we planned ahead by doubling up our church donations in 2020 so that we could itemize. (When you own your home it makes it hard to deduct enough to itemize.)

When a Prime came available in Aug it was an impulse purchase and I worried we would leave money on the table after doubling up donations, college credit for our daughter and now the EV credit.

We came real close to breaking even with the credits vs our tax liability.

Now that congress is floating $12,500 tax credit for American made by unions EV the average household earners will leave money on the table.

Russ
 

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Crazy how you guys do that. I and up paying around $30k year after year .....
These EV credits will come in handy for this year!
Denofel,

I wish I had your problem owing $30k in taxes. You obviously have been blessed with a good paying job.

I can’t complain my job allows us to travel put children through college without loans and a retirement so I am also blessed.

Russ
 

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Denofel,

I wish I had your problem owing $30k in taxes. You obviously have been blessed with a good paying job.

I can’t complain my job allows us to travel put children through college without loans and a retirement so I am also blessed.

Russ
With the increase in the tax credit, they are also talking about changing it from a pure credit. The new model would be a credit up to your liability then a rebate for the rest to everyone gets the full amount.
 

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With the increase in the tax credit, they are also talking about changing it from a pure credit. The new model would be a credit up to your liability then a rebate for the rest to everyone gets the full amount.
That is a game changer. $12,500 will get people buying EV
 

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That is a game changer. $12,500 will get people buying EV
I personally think it is a terrible way to spend that money. Instead of just throwing cash to the consumer, build the infrastructures (charging stations, fast charging technology, fast available renewable energy etc) that will truly help consumers feel comfortable about switching to EVs instead. Otherwise we will always rely on gas and not able to make a clean cut switch.
 

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I think the gov't money and batteries (a high cost and limited resource for PHEV and EVs) would be better suited to establish hybrids for nearly all vehicles. The amount of US commuters that sit in traffic, idle in drive-thrus, put around town, etc - if every new vehicle was at least a mild-hybrid of some sort - tons and tons of emissions and fuel would be saved.
Think that for the cost of 1 PHEV, you could supply 10 hybrids - that will get fleetwide emissions reductions and fuel savings, and much quicker. The price of new hybrids is barely more than their ICE equivalent - if some of the PHEV/EV cash went to make that a $0 difference... it seems to make more sense to me and be more impactful and quickly implemented.
Get hybrids in 50% of driveways while we build the EV infrastructure and battery development continues to improve.

Thats just my $.02
 

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I think the gov't money and batteries (a high cost and limited resource for PHEV and EVs) would be better suited to establish hybrids for nearly all vehicles. The amount of US commuters that sit in traffic, idle in drive-thrus, put around town, etc - if every new vehicle was at least a mild-hybrid of some sort - tons and tons of emissions and fuel would be saved.
Think that for the cost of 1 PHEV, you could supply 10 hybrids - that will get fleetwide emissions reductions and fuel savings, and much quicker. The price of new hybrids is barely more than their ICE equivalent - if some of the PHEV/EV cash went to make that a $0 difference... it seems to make more sense to me and be more impactful and quickly implemented.
Get hybrids in 50% of driveways while we build the EV infrastructure and battery development continues to improve.

Thats just my $.02
Um... you do know those Start-Stop systems have a bypass button and some are defeating the mechanism, right? BTW, Start-Stop system have been in use in Europe for decades. Also, mild hybrids do use more robust 12v or 24v batteries, not HVDC batteries.

BTW, by your logic, we should have invented horse boosters instead of auto-mobiles.
 

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Um... you do know those Start-Stop systems have a bypass button and some are defeating the mechanism, right? BTW, Start-Stop system have been in use in Europe for decades. Also, mild hybrids do use more robust 12v or 24v batteries, not HVDC batteries.
A hybrid doesn't need a start-stop system, nor can it be disabled. It can run on EV while sitting in the drive-thru and can regen while in stop and go traffic, capturing much of the lost energy. The owner won't have to install an EVSE, find a fast-charger, and won't have range anxiety or any other concerns - they'll have a vehicle that gets better mpg with less emissions and can have it now for the same price. EVs are not quite there yet. Widespread hybrids are the bridge we need.
 
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