Claining the full $7,500 federal tax credit

MEGREYHAIR - The Federal Tax Credit applies against tax liability. The $10,000 limit is a cap on SALT deductions and is unrelated to the Tax Credit.

 

We had a substantial return this year thanks to the car and solar system (plus additional work needed to make it function). I suspect we will find out next year that we owe that much thanks to the 2017 "tax deal"

 

That's pretty much my story KentuckyKen. I did it at the end of December and got the whole Tax Credit already.

 

Solar is an energy credit which can be carried forward if not used. We did that.

 

Same here. It's also nice that the Car Tax Credit, only good for the year it was purchased, is used first which allows the five year solar tax credit to be pushed out to future years.

 

If you have a traditional 401k from a former employer, transfer it into a traditional IRA, and then do a Roth conversion to generate taxable income. See a tax advisor for help on doing this correctly.

 

If your 401K is pre-tax $ like mine, you can withdraw directly to generate taxable income.

 

How was the costco deal? Truecar has the touring at $34,121 by me. I assume this is without the NYS incentive.