[dirtdiver]

My neighbor claimed if you made too much money the credit went away. He was talking about his situation not mine.

 

[trm2]

For the California incentive, yes, there is a limit. For the Fed, no.

 

[llninja]

When I was doing my research, there is some AMT issue that might rear its ugly head for high income earners. I was trying to do my EV fed tax credit the same year I was trying to also get 30% off of my EVSE installation (same goes for folks adding solar panels and other energy efficient appliances). My 30% EVSE got gobbled up in the AMT form. I don't fully understand it, but it wasn't a big amount of money.

Someone who has been through it where the AMT affected their fed tax credit would have to chime in as I'm not entirely sure how it works.

Of course, if the neighbor is really making a mint, $7500 isn't going to make or break them. It's all about the percentages. $7500 means a lot to someone making $75k, but it should be a nit to someone making $750K and nothing to someone making $7.5M

 

[jbakerjonathan]

When I was doing my research, there is some AMT issue that might rear its ugly head for high income earners. I was trying to do my EV fed tax credit the same year I was trying to also get 30% off of my EVSE installation (same goes for folks adding solar panels and other energy efficient appliances). My 30% EVSE got gobbled up in the AMT form. I don't fully understand it, but it wasn't a big amount of money.

Someone who has been through it where the AMT affected their fed tax credit would have to chime in as I'm not entirely sure how it works.

Of course, if the neighbor is really making a mint, $7500 isn't going to make or break them. It's all about the percentages. $7500 means a lot to someone making $75k, but it should be a nit to someone making $750K and nothing to someone making $7.5M

Your examples reminded me of the saying "watch the pennies and the dollars will take care of themselves". I'd be willing to bet that the person making $7.5M is all about looking after the pennies - not that he needs to with that wealth, but maybe that's how he got there.

 

[edk-austin]

No income limit on the $7500 credit. If you have solar + EV credits, your tax liability must be greater than both credits together to get the full amount. While I claimed solar and EV credits in different years, I was also prevented from using the EVSE deduction, due to AMT, even though there was no other AMT impact. I used a tax preparer that year, sorry don't have specifics of EVSE deduction.