2013 EV Tax Credit Form Out

[Apoclyps]

Does anyone know if this form will be available for e-filing? if so, when?

 

[GDH]

Does anyone know if this form will be available for e-filing? if so, when?

Yes, I e-filed 2 weeks ago and got my refund today.

 

[darthvdr]

Yes, I e-filed 2 weeks ago and got my refund today.

That was fast!

 

[GDH]

That was fast!

BAM!

I wish it was $7500 though!

 

[lloyds]

BAM!

I wish it was $7500 though!

Why not?

 

[jvonbokel]

Not a TRUE credit.

Perhaps it's just semantics, but I think what you're imagining is known as a Refundable Credit, which is rare. Some of these tax issues can be complicated, and you could argue that they're more complicated than they need to be, but I don't think anybody's getting screwed. There's certainly not anybody at the IRS cackling as they process each return where the filer is not eligible for the full credit. If you buy a $70k+ car expecting a $7500 rebate and don't thoroughly research the tax implications, then that is poor planning in my book.

 

[kendallpb]

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.'

In fairness, while everyone loves to hate the IRS, they don't write tax laws. Congress passes tax laws, and are responsible for whether a credit is solely against tax liability (like this one) or a refundable credit (as jvonbokel mentions, i.e., you get money beyond your tax liability).

Anyway, thanks to all in this thread, especially dockt for asking pretty much what I came here to ask (in my case: TurboTax's help dialog sez I need a magic paper from Tesla), and most especially to liuping and Musterion for answering the question succinctly. WHEW! :-D

- - - Updated - - -

P.S. Anyone else using TurboTax and, like me, obsessing about the Cost line (include taxes? HPWC? etc.?), it doesn't matter; it only goes onto the worksheet, not the actual form, where $7500 goes on that line. Bad design by TurboTax (which usually I love)--they shouldn't ask that amount till after asking whether it's a 4-wheel drive vehicle or not. If 4-wheel, the cost is moot as far as the form goes.

Actually, bad IRS design, too, using one line of the form for (a) the vehicle cost (2- or 3-wheel vehicle) and (b) the maximum credit amount (4-wheel vehicle). :roll eyes:

(Tax-time stresses me out; sorry to ramble.)

 

[Musterion]

(in my case: TurboTax's help dialog sez I need a magic paper from Tesla)

@kendallpb, is Turbotax telling you that you need the magic paper for the filing, or for you to keep in your own records? And is it telling you this in the main interview or in the help instructions? Thanks

 

[TheConnected]

Not sure how this works as this is our first EV. Hit the confirm button during the last week of December. Wondering, in our situation, is the credit available for those who confirmed pre-2014? Or does it have to be when we take delivery?

 

[GDH]

Not sure how this works as this is our first EV. Hit the confirm button during the last week of December. Wondering, in our situation, is the credit available for those who confirmed pre-2014? Or does it have to be when we take delivery?

You will get the credit for your 2014 taxes, it goes by an "in service" date. Congrats on your purchase!

 

[TheConnected]

You will get the credit for your 2014 taxes, it goes by an "in service" date. Congrats on your purchase!

Darn. Would have been nice to have it for 2013. Oh well. Thanks though.

 

[ZestyChicken]

Why does this form same the maximum credit per vehicle is $2,500 when it is actually $7,500????

 

[swaltner]

Why does this form same the maximum credit per vehicle is $2,500 when it is actually $7,500????

Look at the form closer. $2,500 is for two and three wheeled vehicles....

 

[pete8314]

Quick question, as the form isn't as clear as it could be (to me, or my CPA)....

Regarding part II, if I used my Model S for 23% business use (based on mileage), then it would appear that reduces my overall credit from $7500 to $6725 ($7500 - ($2500-$1725)). Does this make sense to anybody that's claimed part of the car for business use?

 

[boyangcheng]

I am doing my taxes by myself, and have a couple of questions, if anyone knowledgeable here can please answer:

1. Can I file Form 1040NR-EZ if I want to attach Form 8936 for the EV credit? Or do I have to file Form 1040NR?
2. Does the final credit amount in Line 23 of Form 8936 just stay there or does it have to be put somewhere in my 1040NR-EZ? Are they going to issue me two credits - one for my tax refund from 1040NR-EZ and one for the EV credit from 8936?

Thanks a lot, in advance, for any advice.

Hey, I got the similar problem here. Want to know whether you have figured out the answer? Thanks.