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Hi, just a "sanity check" here... Our accountant seems to be saying that we didn't qualify for the full $7500 tax credit. We live in NJ, bought a new Roadster in June 2011 and definitely exceed the $7500 tax liability. Did the rules change a lot? Did more than 200,000 EVs get sold or something? Any chance he's right? (We may not have understood him anyway; hopefully this is the case!).
Thanks for any input.
Roadster 2.5 #1329 | Obsidian Black with "oooh! Shiny Wheels!" | Central NJ
I am guessing you are in AMT or the spread between AMT and regular tax is less than $7,500.Originally Posted by Slackjaw
As I recall, it's 200k per manufacturer so obviously you're ok there. Why not buy a copy of Turbo Tax from one of the discounters and run your financial particulars yourself. You can do the entries pretty fast is you round the numbers and not get specific on addresses, names etc. You're just checking to see if you qualify for the full credit."quick and dirty". Probably about an hour's worth to do the numbers.
Good point but he seemed to be saying we specifically qualified for only $2500 because "the rules had changed". Maybe it's time "the accountant changed"...
Thanks
Roadster 2.5 #1329 | Obsidian Black with "oooh! Shiny Wheels!" | Central NJ
The rules didn't change so I can think of only one reason he's not getting the full credit (unless there's a blatant input error which would be pretty easy to see). Check form 4626.
Get a new accountant. The credit can be taken against AMT. The rules have not changed with respect to the amount - it's still $7,500. The only reason I can think that you might not get the full credit is because your tax liability is less than 7,500. It's a non-refundable credit so you can't take home more than your total tax.
@kroneal Form 4636 is for corporate AMT. I believe SlackJaw is trying to take the personal tax credit. In any case AMT has nothing to do with it.
I know tax law pretty well.
I can think of another reason why you might not get the credit - if you bought your Roadster used. But that would result in NO credit, not a reduced credit. Make sure he knows it has a 53 kwh battery. That matters.
Good point, the accountant might of thought the battery was 5.3 kwh and entered that number which would have resulted in the minimum credit of $2,500.
Yeah, it sounds like you have an accountant who is not any good with basic math. Believe it or not, I have seen this a few times. When it's not their money on the line, they could care less.
Hmm... Well, it's worse than that; when pressed (and with the combined weight of TMC behind me) he admitted that he had made a typo and just put $2500 in the box which should have said $7500. Thanks to everyone who replied! We owe $5K less than we were told.
The guys's not bad enough that we'll get a new accountant for this but I may have the returns checked by a third party.
Roadster 2.5 #1329 | Obsidian Black with "oooh! Shiny Wheels!" | Central NJ
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