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Thank you. Just what my CPA was waiting for.
Sorry this is a repost, but just a question: My CPA wrote this to me, and I just want to cross-check with anyone who has gone through this before I pursue:
"In reading the instructions for the Form 8936, which is the form the Tesla credit goes on, it states that Tesla should have provided you an IRS letter acknowledging the certification of the vehicle as eligible for the credit. I need a copy of that letter as well as their paperwork to you that tells you the amount of credit eligible for their vehicle. I know it’s $7,500, but they are responsible for tracking it as it phases out as they sell a certain number of vehicles and only they know that."
TIA!
You have to have a tax liability of $7,500 to get the full $7,500 credit. See line 46 of your 2013 Form 1040 to see what your tax liability is. If it's at least $7,500 than you get the full credit, otherwise it's a dollar for dollar of tax liability to tax credit up to the maximum of $7,500.So, my CPA has told me that I dont need to owe 7500 to be able to take advantage of the full credit (eg, all 7500). Is this true? I thought I had to owe >7500 to be able to use all 7500 of the credit.
Note: i am an idiot when it comes to finances
So, my CPA has told me that I dont need to owe 7500 to be able to take advantage of the full credit (eg, all 7500). Is this true? I thought I had to owe >7500 to be able to use all 7500 of the credit.
Note: i am an idiot when it comes to finances
I owed around $4500 in taxes, I paid around $5000....so I am only getting a $4500 tax credit.....plus what I over paid. You will get a credit for whatever you owe. I filed with TaxAct two weeks ago and I am getting my refund tomorrow.........the IRS processed mine super fast.
Hopefully my CPA Mr. Turbotax has the form this week. Thanks
Hopefully my CPA Mr. Turbotax has the form this week. Thanks
What kind of reminder email?
When I open TT, it informs me of pending software updates, if there are any, but I don't get any emails from them.
Tax Forms Ready |
I owed around $4500 in taxes, I paid around $5000....so I am only getting a $4500 tax credit.....plus what I over paid. You will get a credit for whatever you owe. I filed with TaxAct two weeks ago and I am getting my refund tomorrow.........the IRS processed mine super fast.
Not a TRUE credit. Like many of these dishonest government 'credits' if your income is not just right you get screwed. In this case it has unfair bias towards high income earners.
GDH bought a car he thought would net cost $7500 less than he paid. In the end his 'rebate' was only $4500. Who doesn't see that as being screwed out of $3000 by IRS 'fine print.'