How to check if Kia Niro plug-in hybrid is still eligible​ for the tax credit? - Kia Niro Forum
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post #1 of 32 (permalink) Old 12-20-2018, 01:18 PM Thread Starter
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How to check if Kia Niro plug-in hybrid is still eligible​ for the tax credit?

So I'm interested in buying Niro plugin 2018 and hoping that tax credit still applies. IRS states "You may be eligible for a credit under section 30D(g), if you purchased a 2- or 3-wheeled vehicle that draws energy from a battery with at least 2.5 kilowatt hours and may be recharged from an external source".

Supposedly it contains 8.9 kW battery. What would be the tax credit?



This is based on first 200K sold vehicles per IRS.

Any help would be appreciated.
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post #2 of 32 (permalink) Old 12-20-2018, 05:48 PM
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The tax credit is about $4500. Note that you only get the credit if you pay $4500 or more in federal income tax - if you pay less than that, then the maximum tax credit for you is only the amount of your total tax bill.


They are still offering the tax credit for the Niro, I'm not sure how much longer that will last, but I'm sure it'll keep going at least another year.


As luck would have it, I would have OWED the IRS almost exactly $4500 for under-withholding this year. So my Niro saved me from having to write an unexpected (and very unpleasant) check to the IRS for $4500 next April.

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post #3 of 32 (permalink) Old 12-20-2018, 06:29 PM Thread Starter
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Quote:
Originally Posted by cockedandglocked View Post
The tax credit is about $4500. Note that you only get the credit if you pay $4500 or more in federal income tax - if you pay less than that, then the maximum tax credit for you is only the amount of your total tax bill.


They are still offering the tax credit for the Niro, I'm not sure how much longer that will last, but I'm sure it'll keep going at least another year.


As luck would have it, I would have OWED the IRS almost exactly $4500 for under-withholding this year. So my Niro saved me from having to write an unexpected (and very unpleasant) check to the IRS for $4500 next April.
Thanks for the info. I know this might be an outside the scope question but how do I check on my previous year taxes what I owed to IRS (what would I be looking on 1040)?
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post #4 of 32 (permalink) Old 12-20-2018, 06:55 PM Thread Starter
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To elaborate more. In my example, I typically get credit back from IRS and its due to mortgage taxes that I can write off. I want to make sure that I would still qualify for the tax credit. Thus the reason on where would you look for that in 1040 i.e.
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post #5 of 32 (permalink) Old 12-20-2018, 07:16 PM
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Line 63 on a form 1040.


If the number was higher than $4500, then you're good to go (as long as your tax situation will be similar this year)




Generally speaking, this means you'd need a taxable income of more than about $39k (your actual income minus your standard or itemized deductions)

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Last edited by cockedandglocked; 12-20-2018 at 07:22 PM.
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post #6 of 32 (permalink) Old 12-20-2018, 07:34 PM
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Note that I'm not a tax expert and my numbers could be wildly innacurate - that's just from some quick data I found on the IRS website just now

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post #7 of 32 (permalink) Old 12-20-2018, 08:05 PM Thread Starter
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Thank you so much. Let me check on that. This is good information!!!
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post #8 of 32 (permalink) Old 12-20-2018, 08:08 PM Thread Starter
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Quote:
Originally Posted by cockedandglocked View Post
Line 63 on a form 1040.


If the number was higher than $4500, then you're good to go (as long as your tax situation will be similar this year)




Generally speaking, this means you'd need a taxable income of more than about $39k (your actual income minus your standard or itemized deductions)
To confirm line 63: "Add lines 56 through 62. This is your total tax " Correct?
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post #9 of 32 (permalink) Old 12-20-2018, 08:15 PM Thread Starter
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Found a nice video about where to look on your taxes - cockedandglocked you were right.


Now, will the tax credit work if you "lease" the vehicle? Or does it only work with purchasing?
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post #10 of 32 (permalink) Old 12-20-2018, 08:29 PM
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Typically with a lease, they immediately apply your rebate as part of the down payment, and then the leasing company gets the rebate from the IRS later. So essentially you get "loaned" the full rebate (regardless of your tax situation), immediately.

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