Taking delivery within a week. What do I need to know about the tax credit situation?

[RivianNowPlz]

Not sure I’m 100% up to date and following the different topics from the forum. My MSRP will be about $75k for my R1S and I did sign the “binding” PSA.

I’ve been seeing some people talk about filing an amended return, but I’d rather just take what I’m gonna get this year unless it’s more advantageous to do so going the amended route.

What is the up to date August 2023 guidance on this?

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[RivianNowPlz]

From what I’m reading it does appear that filing an amended 2022 return will be necessary. Kind of lame, but if there is advice out there I’m happy to hear it. Thanks!

 

[VSG]

Yes you're required to file an amended return - you have to take the credit for the 2022 tax year.

If you've never done this before, it's a surprisingly easy process. Just follow the instructions for the 1040-X.

 

[Mygrain]

Instead of filing an amended 2022 return, you could claim the credit on your 2023 tax return (assuming you (a) have sufficient tax liability, (b) MSRP is <= $80k, and (c) you qualify for a credit based on your income). But the credit on your 2023 tax return would be $3750.

 

[defcon888]

Not sure I’m 100% up to date and following the different topics from the forum. My MSRP will be about $75k for my R1S and I did sign the “binding” PSA.

I’ve been seeing some people talk about filing an amended return, but I’d rather just take what I’m gonna get this year unless it’s more advantageous to do so going the amended route.

What is the up to date August 2023 guidance on this?

We live in COmmieFORNIA and as you may guess, everything is expensive here. Our R1T when we configured (in March of this year) started off at I believe $78k. After configuration, we were at $91 and then after taxes and destination and whatever CommieFornia requires, we ended up at $101k We don't qualify..

 

[dgennetten]

In Colorado, there's an additional $5K credit for EVs under $80K. Can my invoice be split -- moving the gear and other items to a second invoice -- so my main Rivian invoice is <$80 and eligible?

 

[Mathme]

Amend your 2022 return. It takes a few minutes and isn't difficult. I used TurboTax and it was easy. Got the rebate check in about 3-4 weeks.

 

[waitingonanr1s]

In Colorado, there's an additional $5K credit for EVs under $80K. Can my invoice be split -- moving the gear and other items to a second invoice -- so my main Rivian invoice is <$80 and eligible?

GVWR is over 8,500 (8,532) therefore it falls under the innovative truck credit for CO (https://tax.colorado.gov/sites/tax/files/documents/ITT_Innovative_Truck_Credit_Jun_2023.pdf) as opposed to the innovative motor vehicle credit (https://tax.colorado.gov/sites/tax/files/documents/ITT_Innovative_Motor_Vehicle_Credit_Jun_2023.pdf).

80k limit doesn't apply to the CO truck credit, but it's only $2,800 through 12/31/23, increasing to $5,000 on 1/1/24.

 

[Jfeins]

Instead of filing an amended 2022 return, you could claim the credit on your 2023 tax return (assuming you (a) have sufficient tax liability, (b) MSRP is <= $80k, and (c) you qualify for a credit based on your income). But the credit on your 2023 tax return would be $3750.

I just changed my wheels taking me from $78k to $81k. Am I now not getting the tax credit? so this wheel change could cost me $10.5k?

 

[RivianNowPlz]

I just changed my wheels taking me from $78k to $81k. Am I now not getting the tax credit? so this wheel change could cost me $10.5k?

My understanding is yes. You should buy the wheels you want separate and sell the other set 2nd hand.

 

[Jfeins]

My understanding is yes. You should buy the wheels you want separate and sell the other set 2nd hand.

shoot. I already confirmed my config. the guide told me if I bought 3rd party wheels and tires it would negate my warranty. does that sound right?

 

[RivianNowPlz]

shoot. I already confirmed my config. the guide told me if I bought 3rd party wheels and tires it would negate my warranty. does that sound right?

No - your warranty is absolutely not invalid at all by replacing the stock wheels/tires with aftermarket. That said, if your vehicle was using wheel and tire combinations not recommended by the manufacturer and through the service center and tech diagnostic review an issue arose that was due to your wheel setup specifically being run at a size not recommended then they would have a case not to fix the warranty work on that specific item.

The burden is on the OM to prove that your modifications resulted in your defect which is a pretty big hurdle to climb. One infraction does not mean your entire warranty is gone, meaning, if you have a suspension issue that they won’t cover - this issue does not mean they no longer need to cover an unrelated issue to your battery(as an example). Every warranty issue is determined independently.

In my example though I’d just have you buy a Rivian set of wheels and tires and sell the one your truck came with. I think you’re in trouble tho on the msrp thing unfortunately unless you can cancel your config and go with another.

 

[Jfeins]

I didn’t mean to imply or say the entire warranty would be void. he said if I put aftermarket wheels on and if there was a problem with the brakes, suspension or something related to the tires/wheels rivian would say that it’s not under warranty.

I know it’s my job to know this, but if rivian really wants to streamline production a good way to do that would be reminding people about the 80k cap.

At this stage it seems like delivering more cars is more important to share price than making an extra $3500 on wheels.

I only confirmed on Friday and emailed my guide. Will let you know what he says.

 

[Polar]

We live in COmmieFORNIA and as you may guess, everything is expensive here. Our R1T when we configured (in March of this year) started off at I believe $78k. After configuration, we were at $91 and then after taxes and destination and whatever CommieFornia requires, we ended up at $101k We don't qualify..

So you chose to option your R1T up to $91K … then paid your tax title destination and license. And that’s is Cali’s fault?

This has to do with the federal tax credit how?

/I Really hope there is a joke here I’m missing

 

[Polar]

I didn’t mean to imply or say the entire warranty would be void. he said if I put aftermarket wheels on and if there was a problem with the brakes, suspension or something related to the tires/wheels rivian would say that it’s not under warranty.

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