ST Alpha - "I always thought that I would get it in my tax refund the following year (which was why my window to buy an EV was always november ish)." (Reading a Post)

Down to Post

Backboards:

Posts: 167

In response to "So, the clarify... if I buy an EUV for - say - $60,000, I can expect that barring any fancy tax business, that I will pay $60,000?" by Mop

I always thought that I would get it in my tax refund the following year (which was why my window to buy an EV was always november ish).

Posted by amanda jeans (aka amanda) Apr 12 '21, 11:30

but I don't think I could generate $7500 in fed tax owed over the course of a year. my entire tax liability for 2020 was far less than twice that.

again, I could sell some stock and not withhold fed to create a false debt but it seems ass backwards that I would need to do so.

Responses:

note that I would in fact be totally happy with your scenario one. that was always my assumption (barring quota limits). -- nm - amanda jeans Apr 12, 11:32
The credit has nothing to do with withholding. -- nm - znufrii Apr 12, 11:31 7
- Yeah, this is the mistake I was making on B2. - TWuG Apr 12, 11:35
- "If you owe less you don't get the extra in cash." ?? -- nm - amanda jeans Apr 12, 11:32 5
  - Imprecise language. Non-refundable credits are limited by your total tax liability for the year, not by how much you might owe when you file. -- (edited) - znufrii Apr 12, 11:34 4
    - why not just say that? what I owe is completely different from my liability. so clarifying -- (edited) - amanda jeans Apr 12, 11:36 3
      - Yes. -- nm - pmb Apr 12, 12:36
      - Also note that the credit covers a time period. It doesn't instantly drop in half on the 200,000th (example) sale. It - TWuG Apr 12, 11:46
      - Yes, that sounds right. -- nm - znufrii Apr 12, 11:38

Post a message top

I always thought that I would get it in my tax refund the following year (which was why my window to buy an EV was always november ish).

Replies are disabled on threads older than 7 days.