Quote:
Originally Posted by hayden55
Pretty much. I think the thing with electric cars is ridiculous as well. Gotta actually pay enough in taxes to get their tax credit. So everyone under 60k+ is **** out of luck.
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There's a couple tricks there, but it still requires having money in the first place. You can convert an IRA into a Roth by paying taxes on the money the year you convert it. This bumps up your tax liability that year, which you can cover with the EV credit. You effectively get your retirement taxes paid for by the credit.
There is a 26% federal tax credit available on solar installation in addition to the 2 cash subsidies. My parents don't have enough tax liability, but if my dad converts his IRA into a Roth, those taxes will be covered by the tax credit.
My parents combined income probably never exceeded about $35,000.