LeftieBiker
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Fri Dec 08, 2017 2:10 pm

GetOffYourGas wrote:Actually, you have to have the money in Traditional IRAs which you then convert to Roth IRAs. I think I'm going to do this just to be safe - I will be kicking myself if I only get a part of that $7500 for the Bolt I bought this year.


I just got up, but I swear I've seen several times that the money has to be in Roth IRAs. Oh well, it doesn't affect me!
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

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IssacZachary
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Fri Dec 08, 2017 3:10 pm

This is all speculation:

Why will I move to a 2017-2018 Chevy Bolt?

Because years from now the new EV's will have even longer ranges, charge much more quickly ane cost much less than even ICEV's. This will cause cars like the Bolt to depreciate greatly. Also, since Nissan has been keeping a one-size-fits-all battery approach someone will eventually invent an aftermarket high capacity (+90Kw) Leaf battery, using the newest technology of that time, that fits every Leaf ever made. This will likely happen be someone invents something like that for other older EV's, like the Bolt, which in turn will make used Leaf prices go up and used Bolt prices go down even further.

It will be at that time when I'll be able to afford a Bolt. Either that or I'll get the 90kW aftermarket battery and put it in my Leaf.
2013 SL SOLD :cry:
1972 VW Beetle SOLD :cry:
1984 VW Golf diesel CURRENT :x
2013 Toyota Avalon Hybrid CONTEMPLATING :shock:

GetOffYourGas
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Location: Syracuse, NY

Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Fri Dec 08, 2017 3:21 pm

With a Traditional IRA, no taxes are paid on money put in (you claim contributions on your tax return), but you pay taxes when you withdraw. With a Roth IRA, taxes are paid on money going in, but you withdraw the money (and gains!) tax-free.

Therefore when you transfer from a Traditional to a Roth, you take untaxed money and incur the taxes on it today. The obvious benefit is the ability to therefore collect the full (non-refundable) $7500 tax credit.
~Brian

EV Fleet:
2011 Torqeedo Travel 1003 electric outboard on a 22' sailboat
2012 Leaf SV (traded for Bolt)
2015 C-Max Energi (302A package)
2017 Bolt Premier

Durandal
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Leaf Number: 025018
Location: Central Arkansas

Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sat Dec 09, 2017 3:18 pm

Other tax opportunities include taking your profit on any stocks you may own. For instance, I could cash out the TSLA stock I own, creating a taxable event for capital gains, of which would be beneficial to increase what I would get back from the EV tax credit. I've messaged my representatives but of course they gave generic responses about the tax bill, not even addressing the specific portion of the bill of which I wrote about. :roll:

Edit: You don't have to exit your investment if you're just wanting to sell for tax purposes.. Just sell the stock then buy it back the next day.
Pulled the trigger on going EV on 10/2016 with a 2012 Leaf, and a Tesla Model 3 reservation expected to receive in June 2018.

cwerdna
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sat Dec 09, 2017 5:20 pm

powersurge wrote:Also, the poster appeared to complain that he was inconvenienced in needing to charge the car every few days.... Is that unreasonable??

As I posted at viewtopic.php?p=387710#p387710, a former coworker of mine wanted a 400 (!) mile range EV even though his commute was only ~12 miles each way. I posted his reasons there.

That guy left the company and ended up later leasing a 107 mile EPA range '16 Leaf. Haha. He also had access to free charging at his new work (just like at my current and his former work) but I think he mainly wanted it because his commute as going to TERRIBLE and thus the CA HOV stickers would help.

Not sure what's going on w/the car now as he left that company and went back to Taiwan for some (blockchain? crypto-currency?) startup. AFAIK, his wife remains in the SF Bay Area, where she works.

'13 Leaf SV w/premium package (owned)
'13 Leaf SV w/QC + LED & premium packages (lease over, car returned)
'06 Prius

Please don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

cwerdna
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sat Dec 09, 2017 5:25 pm

IssacZachary wrote:Thanks! That definitely ends my own personal aspiration of buying a new long distance EV such as a Bolt. I had to take a wage cut and am definitely not going to owe that much to the IRS.

Your income is low enough that you don't have have at least $7500 of tax liability? I'm not talking about how much you might pay when you file your taxes in April. You need to include the amount of Federal tax withheld (and thus being paid to the govt). This assumes that you aren't significantly over-withholding though.

As others have suggested, one could create more tax liability by generating taxable events such as by converting some traditional IRA $ into a Roth IRA (https://www.fidelity.com/tax-informatio ... conversion).

'13 Leaf SV w/premium package (owned)
'13 Leaf SV w/QC + LED & premium packages (lease over, car returned)
'06 Prius

Please don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

LeftieBiker
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sat Dec 09, 2017 5:35 pm

I think you'd be surprised at how many of us can't use the tax credit to buy a car. I'm retired, and most of my pension and Disability isn't taxed, so I owe about $1k a year. My housemate, even when she was working at a good government managerial job, never owed anywhere near $7500 in taxes. Maybe half that...
Scarlet Ember 2018 Leaf SL W/ Pro Pilot
2009 Vectrix VX-1 W/18 Leaf modules, & 3 EZIP E-bicycles.
PLEASE don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

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IssacZachary
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sat Dec 09, 2017 8:23 pm

cwerdna wrote:
IssacZachary wrote:Thanks! That definitely ends my own personal aspiration of buying a new long distance EV such as a Bolt. I had to take a wage cut and am definitely not going to owe that much to the IRS.

Your income is low enough that you don't have have at least $7500 of tax liability? I'm not talking about how much you might pay when you file your taxes in April. You need to include the amount of Federal tax withheld (and thus being paid to the govt). This assumes that you aren't significantly over-withholding though.

As others have suggested, one could create more tax liability by generating taxable events such as by converting some traditional IRA $ into a Roth IRA (https://www.fidelity.com/tax-informatio ... conversion).

Closer to $5,000 to $6,000 total. And no IRA's. I'm guessing I'd still get at least that back? The Leaf is the most expensive car I've ever had. But it sure is cheaper paying $15 per month in electricity than $200 in gasoline.
2013 SL SOLD :cry:
1972 VW Beetle SOLD :cry:
1984 VW Golf diesel CURRENT :x
2013 Toyota Avalon Hybrid CONTEMPLATING :shock:

cwerdna
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sat Dec 09, 2017 8:25 pm

IssacZachary wrote:
cwerdna wrote:
IssacZachary wrote:Thanks! That definitely ends my own personal aspiration of buying a new long distance EV such as a Bolt. I had to take a wage cut and am definitely not going to owe that much to the IRS.

Your income is low enough that you don't have have at least $7500 of tax liability? I'm not talking about how much you might pay when you file your taxes in April. You need to include the amount of Federal tax withheld (and thus being paid to the govt). This assumes that you aren't significantly over-withholding though.

As others have suggested, one could create more tax liability by generating taxable events such as by converting some traditional IRA $ into a Roth IRA (https://www.fidelity.com/tax-informatio ... conversion).

Closer to $5,000 to $6,000 total. And no IRA's. I'm guessing I'd still get at least that back?

Yes. You just won't get any more than that of the credit. And, any remaining credit can't be carried over to the next tax year.

And, if the EV tax credit is killed in the final Senate and House reconciled version, it'll be a moot point.

You may want to consider contributing to an deductible IRA (https://www.irs.gov/retirement-plans/ir ... ion-limits). My income is WAY over the limit, so I can't deduct but I contribute anyway, besides also maxing out my 401(k) contributions.

'13 Leaf SV w/premium package (owned)
'13 Leaf SV w/QC + LED & premium packages (lease over, car returned)
'06 Prius

Please don't PM me with Leaf questions. Just post in the topic that seems most appropriate.

RonDawg
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Re: Why We Moved to a Chevy Bolt from a Nissan Leaf

Sun Dec 10, 2017 3:47 am

LeftieBiker wrote:I think you'd be surprised at how many of us can't use the tax credit to buy a car. I'm retired, and most of my pension and Disability isn't taxed, so I owe about $1k a year. My housemate, even when she was working at a good government managerial job, never owed anywhere near $7500 in taxes. Maybe half that...


She either doesn't make much money, or she has a TON of deductions. My father, living on just his retirement income (pensions and social security, no IRA's), still pays about $4k/year in income taxes just to the Feds alone. He lives alone (Mom died years ago) and his home is paid off.

According to https://smartasset.com/taxes/income-taxes#DGtsCEeSaQ, a single filer taking the standard deduction and personal deduction and making about $58k/year will just hit the $7500 threshold. Median income in NY state was a bit over $60k in 2015.
Last edited by RonDawg on Sun Dec 10, 2017 3:53 am, edited 2 times in total.
Blue Ocean 2012 Leaf SV, lost that 1st bar at 34 months/26,435 miles. Lease returned 2 months later. Final LeafStat figures: 225 Gids, 17.44 kWH, SOC 91.89%, SOH 82.36%, 69.49% HX, 54.57 Ahr, battery temp 61.8 F.
Now driving a 2015 VW eGolf SEL.

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