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jsudarskyvt t1_ixq88pb wrote

Bought a new 2022 Leaf in March. I received $2500 credit at purchase from State of VT and $1500 credit at purchase from GMP. And next years tax return will get the $7500 Federal Tax Credit. So I got the Leaf for $11,500 less than MSRP.

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qwarfujj t1_ixszjg8 wrote

If I'm not mistaken that tax credit only covers your actual tax liability. If you owe 2k in taxes it's only worth 2k. You don't get the remaining $5500 as a refund. Someone can chime in if I'm remembering incorrectly.

I recall reading some advisors saying if you plan to take advantage of the rebate you should change your withholding for the year and underpay your taxes to get the full amount if possible.

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jsudarskyvt t1_ixuds2g wrote

That is correct. You don't get the credit above and beyond what your tax liability is. Changing your withholding doesn't really do anything. You will owe in taxes the same amount EOY based on your earnings. Using the tax credit to get a refund on taxes you paid but did not owe in the first place won't get you additional funds.

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Little_Art8272 OP t1_ixre3a4 wrote

Wow! Nice! The new ones look really good... Much better than the older ones .. how've you been liking it so far?

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