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Old 02-04-2019, 06:40 PM   #155 (permalink)
JSH
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Quote:
Originally Posted by redpoint5 View Post
The Volt has an MSRP of $33,500, which is around the average vehicle sale price.

There's other tricks such as converting IRA contributions to Roth IRA to artificially boost tax liability and get the full $7,500. How many people have convertible IRAs though, and of those, who are savvy enough to know to do that?

I read somewhere that a single person making $60k generally has at least $7,500 in federal tax liability.

I'd imagine most people purchasing a brand new Prius Prime are at least in that income category.
Taking just the standard deductions:

A single person making $64,500 would pay $7490 in Federal Income tax.
A couple making $89,500 would pay $7,479
A family of 3 making $104,000 would pay $7,479
A family of 4 making $113,000 would pay $7,459

If the family of 4 made $64,500 they would only get $479 from the tax credit.

https://www.hrblock.com/tax-calculator/#/en/te/expense
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