1. Attachments are working again! Check out this thread for more details and to report any other bugs.

Prime and 2023 EV tax credit + new Prime accessories

Discussion in 'Prime Technical Discussion' started by Chris HV, Jan 23, 2023.

  1. Chris HV

    Chris HV Member

    Joined:
    Apr 23, 2017
    64
    35
    0
    Location:
    East Coast, USA
    Vehicle:
    2018 Prius Prime
    Model:
    Prime Premium
    Long story short, my beloved Prius Gen3 got totaled and I'm looking for a newer one.

    Out on the main Gen4 forum, MalachiNG smartly suggested that I also consider a Prime and after reading tons of posts on this forum I couldn't agree more. I will be driving a lot, including at night, and outside of the missing spare tire the Prime is almost certainly a better choice for me.

    Further research showed that the IRS does indeed consider models 2017-21 qualified for the up to $4,000 tax credit for FY23:
    Used Clean Vehicle Credit | Internal Revenue Service
    Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service

    1) I am curious to know if anyone in this community has done this yet. I must say that "the dealer reports required information to you at the time of sale and to the IRS" has me slightly worried as I see no specific forms listed by the IRS for both the transaction with the customer and the report to the IRS. What do they use? A blank sheet of paper?

    2) Just for my peace of mind, am I correct that the HV batt capacity on the Prime is 8.79Kwh?

    3) Does anyone know if the 4K tax credit applies to the entire tax earnings for joint filers, or is it only available for the amount earned by the one spouse who buys a used Prime? (sorry for the dumb Q, taxes are not my field of expertise...)

    On another note, in addition the owner's manual, what are all the accessories that come standard with a Prime? I'm asking because I've seen a few listings where the dealer lists nothing. I also called a place where the sales guy was entirely clueless about this.
     
    #1 Chris HV, Jan 23, 2023
  2. Isaac Zachary

    Isaac Zachary Senior Member

    Joined:
    Jan 20, 2018
    1,725
    833
    1
    Location:
    USA
    Vehicle:
    Other Hybrid
    Model:
    N/A
    That would be nice, but I'm somewhat doubtful. I don't think Toyota has officially applied to get any vehicle qualified for the tax credit yet, let alone older moldels:

    Manufacturers and Models for New Qualified Clean Vehicles Purchased in 2023 or After | Internal Revenue Service

    I would imagine the tax credit applies to the entire tax earnings of joing filers. If you owe more than $4,000 together, you'd get that back. But if you both owe less than the tax credit you wouldn't receive the whole tax credit.
     
    #2 Isaac Zachary, Jan 23, 2023
  3. Chris HV

    Chris HV Member

    Joined:
    Apr 23, 2017
    64
    35
    0
    Location:
    East Coast, USA
    Vehicle:
    2018 Prius Prime
    Model:
    Prime Premium
    Thanks for the tax bit.

    As to the doc you listed, it refers to new vehicles. I posted the IRS doc for used ones in my OP.

    FWIW I will more than likely get a 2017 Prime with low--ish mileage as more recent models sell at utterly ridiculous prices.
     
    #3 Chris HV, Jan 23, 2023
  4. Isaac Zachary

    Isaac Zachary Senior Member

    Joined:
    Jan 20, 2018
    1,725
    833
    1
    Location:
    USA
    Vehicle:
    Other Hybrid
    Model:
    N/A
    You're right! The list does mention the Prime within those years!

    Now I'm going to be looking for one! Too bad a lot of them are being sold at brand new prices even though they're a few years old with dozens of thousands of miles on them. Ya, the 2017 might be the best bet. Didn't some of those have only 4 seats?
     
    #4 Isaac Zachary, Jan 23, 2023
  5. drash

    drash Senior Member

    Joined:
    Jan 5, 2005
    2,449
    1,227
    0
    Location:
    Upstate NY
    Vehicle:
    Other Hybrid
    Model:
    N/A
    Yes
     
    #5 drash, Jan 23, 2023
  6. fuzzy1

    fuzzy1 Senior Member

    Joined:
    Feb 26, 2009
    17,103
    10,037
    90
    Location:
    Western Washington
    Vehicle:
    Other Hybrid
    Model:
    N/A
    I've never heard of such credits applying to the income of just the one spouse on a joint filing. But then, I've always lived in "community property" states, where such separation would create a conflict with state law.
     
    #6 fuzzy1, Jan 23, 2023
    Last edited: Jan 23, 2023
    Chris HV and Isaac Zachary like this.
  7. FuelMiser

    FuelMiser Senior Member

    Joined:
    Jun 29, 2008
    1,268
    860
    0
    Location:
    Monument, CO
    Vehicle:
    2016 Prius
    Model:
    Touring
    If you're filing JOINT, there is only one AGI reported on your tax return, regardless of who earns the income. So the IRS wouldn't even know the AGI's for each spouse. Same for the tax liability, which must be above $4,000 to receive the max credit.
     
    #7 FuelMiser, Jan 24, 2023
  8. farmecologist

    farmecologist Senior Member

    Joined:
    Jun 25, 2015
    1,946
    1,785
    0
    Location:
    Southern MN
    Vehicle:
    2012 Prius v wagon
    Model:
    II
    This. I was excited to see the tax credit is going to be applicable to used Primes. However, our combined AGI is too high to qualify....drat.
     
    #8 farmecologist, Jan 24, 2023
  9. Chris HV

    Chris HV Member

    Joined:
    Apr 23, 2017
    64
    35
    0
    Location:
    East Coast, USA
    Vehicle:
    2018 Prius Prime
    Model:
    Prime Premium
    This makes sense. Thank you.
     
    #9 Chris HV, Jan 24, 2023
(You must log in or sign up to post here.)