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DDay61

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Good luck. If you make more than 150K for a single or 300K for a couple, you don’t qualify. Look at line 18 on the form.
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R1Tmcg

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Good luck. If you make more than 150K for a single or 300K for a couple, you don’t qualify. Look at line 18 on the form.
My CPA is flagging income limits from the 2022 guidance as well that would exempt me from the credit.

Not sure why the Rivian email seems to be saying the income limits don't apply? Anyone have any inspection on this?
 

Gobnu

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So assuming you don't exceed the income limit and the MSRP limit of the new rules is there a reason to do this other than getting the refund now? I'm taking delivery in a few weeks (I did sign the BPA in the fall) and the taxes are already done for 2022. Is the battery source still a concern for 2023? Since I'm under the limits on income and MSRP it seems like it would be easier to just wait until the 2023 tax filing.
If you are taking delivery fairly soon it probably doesn't matter. Any day now though the new guidance is expected on the battery sourcing requirements, and anything beyond that will only be eligible for half of the $7500 credit.
 

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Davelv

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The income limits don’t apply to a binding contract.
 

McMoo

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The way the BPA is written, Rivian would be well within their rights to force you to purchase an R1 vehicle that they pick out for you. Not even one you choose.
This is the key point that so many seem to be missing. Is this an accurate interpretation or are damages truly limited to $100. I know I would argue that damages are not limited.
 

TexasBob

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No email for me. I guess this is Rivian's way of saying that despite my BPA there is no way, no how that I am getting an R1S this calendar year, so no tax credit for me. 😭
 

Zoidz

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R1Sky Business

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The way the BPA is written, Rivian would be well within their rights to force you to purchase an R1 vehicle that they pick out for you. Not even one you choose.
I'll take it!!!
 

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Zoidz

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Yeah, it seems to me like the Rivian "binding contract" explicitly does not meet the IRS's definition since the damages the seller can receive are limited to $100.
Maybe, here's how I see it. If you are not taking delivery before April 15, you will file your taxes as normal so you have paid your full 2022 obligation. When you take delivery, you file a 2022 ammended return essentially asking for money back. If they agree, great. If they don't agree, you are net neutral. You get nothing, you owe no additional taxes, penalties or interest. It's no harm, no foul.

If you take the deduction now (not paying your original obligation), and the IRS later denies it, you owe back taxes, plus penalty and interest. So it seems to me it is best to file an ammended return, avoiding penalties and interest if the IRS flip flops?
 

schalliol

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Yeah, it seems to me like the Rivian "binding contract" explicitly does not meet the IRS's definition since the damages the seller can receive are limited to $100.
The contract DOES NOT limit the damages the seller can receive. Look at the contract. It never says they can't sue you for not going through with it.
 

tjp74

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Damn it... I never thought I would be claiming the credit against 2022 tax.. figured 2023 if not 2024 (eta Q1 24). I already claimed one for R1T (ended up selling) and I don't have enough tax liability for two credits in same year.... looks like I will get a bit over $4k but I guess I shoudn't complain... it's better than nothing as I've previously given up on it seeing my delivery will likely be well into 2024.
 
 




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