Page 14 THE REVERE ADVOCATE – FRIDAY, JANUARY 26, 2024 BACKING | FROM Page 1 NEW CLEAN VEHICLE TAX CREDIT T he Federal government provides for a tax credit up to $7,500 for new electric vehicle (EV) purchases and up to $4,000 for used EV purchases. In order to qualify to the tax credit, you must meet the MSRP (manufacturer’s suggested retail price). The MSRP is refl ected on the sticker and includes options, accessories, etc. It does not include destination fees and taxes. For most cars, the MSRP cannot exceed $55,000. For sports utility vehicles, vans and light trucks, the MSRP limit is $80,000. You also have to meet the modified adjusted gross income (MAGI) test. For a married fi ling joint return taxpayer, the MAGI must be less than or equal to $300,000 for either calendar year 2023 or 2022. For a head of household taxpayer, the MAGI must be less than or equal to $225,000. For a single taxpayer, the MAGI must be less than $150,000. As an example, if Vinny and Alice purchased an EV in 2023 with MAGI of $750,000 in 2023 and MAGI of $250,000 in 2022, assuming the MSRP of the new vehicle does not exceed $55,000, they would still qualify for the $7,500 tax credit. If Charlie, a single taxpayer, purchased an EV in 2023 with MAGI of $150,001 in 2023 and $175,000 in 2022, he would not qualify for the tax credit. He would be over the limit in both calendar years. Vehicle manufacturers are required to report the EV information to the IRS as well as the purchaser of the vehicle. The manufacturer must pronation from Trump. Siriani said he would support whomever the Republicans nominate. Geraldine Rubio Pace, who is also active in local GOP politics, also said she would support the fi nal nominee. But not everyone is willing to back Haley. “She’s a RINO [Republican In Name Only], a globalist, she’s part of the oldboy network,” said Zambuto. “I could never support Nikki, she’s everything that’s wrong with the Republican Party.” Frances Trulli also questions Haley’s abilities and priorities. “Nikki Haley is not a friend of vide this information to the purchaser at the time of sale and must also inform the purchaser as to what the maximum tax credit available is. IRS Form 15400, Clean Vehicle Seller Report is used by dealers to report this information for both new clean vehicles and used clean vehicles. Starting on January 1, 2024, taxpayers can now opt to claim the tax credit as a reduction to the purchase price as opposed to claiming a tax credit on his or her individual income tax return. Even if you report no income tax on your total tax line of your tax return, the IRS will still refund you the $7,500. To claim the tax credit, you must include Form 8936 with your tax return. You should check with the dealership as to whether or not the EV you are purchasing is eligible for the tax credit, and in what amount. There are requirements as to fi nal assembly being in the U.S or Canada, a certain percentage of battery components being produced in the U.S. or with countries with a free trade agreement with the U.S., etc. The requirements have changed for 2024 purchases. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. ~ House For Rent ~ Furnished Comfortable House - Malden Very comfortable fully furnished large 3 bedroom, one family house, 1,656 ft. in Malden, near Melrose line. 15 minute drive to Boston, located on 1/2 acre lawn/forested site. Quiet neighborhood. All utilities/ Grove MBTA and Wyoming commuter rail station with direct train line to downtown Boston. Short/long term $3,500/month. Call Joe at: (857) 350-0575 seniors,” said Trulli, adding that Haley proposed increasing the age seniors become eligible to collect social security. Trulli and Zambuto do not even want to consider Haley should Trump’s legal problems tank his candidacy. And those many court cases and charges Trump is fi ghting have done nothing to diminish the support he enjoys from local Republicans. Trulli has been keeping up with Trump’s legal troubles. She said every morning she goes outside to grab her newspaper and then she and her dog sit down and have a good laugh. Rubio Pace also feels Trump has been unfairly attacked by political opponents. “They’ve thrown everything at him including the kitchen sink,” she said. But she feels the mood of voters is shifting and people are actually more Republican than they think they are. And she believes it’s due to the Biden administration’s failure to manage the border and to develop a plan to assist millions of migrants coming into the country. Like many people, she believes resources should go to seniors, veterans and Americans in need. “There are residents struggling within Revere who could use services that are being redirected,” she said. What You Need to Know About Medicare Spouse Coverage Dear Savvy Senior, Are spouses who have not worked outside the home eligible for Medicare benefi ts? I have worked most of my adult life, but my wife has been a mother and homemaker since we got married and hasn’t held an income-producing job since she was in college. Will she be eligible for Medicare? Searching Spouse Dear Searching, There are many couples in your situation when it comes to applying for Medicare. The answer generally is yes, your spouse can qualify for Medicare on your work record. Here’s how it works. Medicare Requirements Medicare, the government health insurance program for older adults, covers around 60 million Americans age 65 and older, as well as those younger that have a qualifying disability or have End-Stage Renal Disease. To be eligible, you must have worked and paid Medicare taxes for at least 10 years to qualify for premium-free Medicare Part A hospital coverage when you turn 65. If you qualify, then your non-working spouse will qualify too, based on your work record when she turns 65. Divorced spouses are also eligible if they were married at least 10 years and are single, as are surviving spouses who are single and who were married for at least nine months before their spouse died. In addition to Part A, both you and your spouse would also qualify for Medicare Part B, which covers doctor’s visits and other outpatient services, but requires a monthly premium. The premium for Part B benefi ciaries in 2024 is $174.70 per month per person. Couples fi ling jointly with incomes over $206,000 per year pay even more. There are also a number of other caveats you should know about depending on your wife’s age. Older Spouses If your wife is older than you, she can qualify for Medicare on your work record at age 65, even if you’re not getting Medicare yourself, but you must be at least 62 years old. You also must have been married for at least one year for your wife to apply for Medicare on your work record. If you are still working and your wife is covered by your employer’s health insurance, she may want to enroll only in the premium-free Medicare Part A until you retire, or your employer coverage ends. Part B – along with its premium – can be added later without penalty as long as your employer’s group health plan is your “primary coverage.” Check with your employers’ human resources department to fi nd out about this. (Note: If your wife is funding a health savings account, she may not want to take Part A because she can’t make contributions after she enrolls). Younger Spouses If your wife is younger than you, she will need health insurance until she turns 65 and becomes eligible for Medicare. This may be through the Health Insurance Marketplace (see healthcare.gov), or if you’re still working, through COBRA (see dol.gov/general/topic/healthplans/cobra). Other Medicare Choices In addition to Medicare Part A and B, when you and your wife become Medicare eligible, each of you will also need to enroll in a Part D prescription drug plan if you don’t have credible drug coverage from your employer or union. And, you may want to purchase a Medicare supplemental (Medigap) policy too, to help pay for things that aren’t covered by Medicare like copayments, coinsurance and deductibles. Or, you may want to consider an all-in-one Medicare Advantage plan. For more information on Medicare choices and enrollment rules visit Medicare.gov or call 800-633-4227. You can also get help through your State Health Insurance Assistance Program (see shiphelp.org), which provides free Medicare counseling. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
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