TurboTax IRS Form 8936 Qualified EV Credit Section Now Available

[RickMachE]

I'll wait a week to confirm. I have never ever had to file a form in the history of using TT. Good thing they guarantee accuracy.

I'll explain it clearer.

Form 8936 and form 8911 are marked "DO NOT FILE". Therefore, prior to that being removed, if you go to file TurboTax will not let you, because the software is not ready. If you don't believe me, go ahead and try, and it will give you that message at some point.

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[SuperRob]

TurboTax states very clearly on their website ...

I'm using the iPad app. And it's not so clearly stated there, just that the EV section would be available yesterday.

 

[RickMachE]

I'm using the iPad app. And it's not so clearly stated there, just that the EV section would be available yesterday.

https://form-status.app.intuit.com/...lbRedirect=true&product=Turbotax_online&bu=cg

 

[Shelbeast]

I'll explain it clearer.

Form 8936 and form 8911 are marked "DO NOT FILE". Therefore, prior to that being removed, if you go to file TurboTax will not let you, because the software is not ready. If you don't believe me, go ahead and try, and it will give you that message at some point.

Thanks for the clarification. Interesting they open that part, but not the forms sections to finish.

 

[AKgrampy]

Purchased mine on 22 Aug. answered everything honest and accurate and turbo tax gave me the 7500 refund. It also has a charger refund working too

My charger refund disappeared but I realize things are not finalized yet. Just slowly getting things ready. $7500 did show up.

 

[83girl]

I put the VIN in wrong at first and it rejected it. So it does know something about the VIN.

Of course, it's the IRS! They check the ones that are sold before the specified time agreement on resale, and then come after you to recover part of the rebate.

 

[macchiaz-o]

Of course, it's the IRS! They check the ones that are sold before the specified time agreement on resale, and then come after you to recover part of the rebate.

I'm unaware of a specified time agreement. I thought it's just those who purchase with the intent to resell. Where are you reading differently?

 

[generaltso]

Of course, it's the IRS! They check the ones that are sold before the specified time agreement on resale, and then come after you to recover part of the rebate.

Uh, no.

 

[Caramel Mach-e-ato]

My charger refund disappeared but I realize things are not finalized yet. Just slowly getting things ready. $7500 did show up.

Mine did too. It’s still in there, but it gives me zero credit right now. I still have plenty of tax liability. I’m hopeful that TT works it out prior to end of January.

 

[AKgrampy]

Mine did too. It’s still in there, but it gives me zero credit right now. I still have plenty of tax liability. I’m hopeful that TT works it out prior to end of January.

I am sure they will. Probably using the same programmers as Ford - fix one thing and break another. (Just joking - there are so many hooks in programs they have to go back and clean them up)

 

[Maquis]

Mine did too. It’s still in there, but it gives me zero credit right now. I still have plenty of tax liability. I’m hopeful that TT works it out prior to end of January.

If your tax situation is complicated, there can be a number of reasons for this. Last year, when I took my credit, entering it in the form didn’t change the bottom line. I had a bunch of passive losses and (I think) AMT recovery that were carried over from last year. TT used the EV credit and simply delayed the carry-forward, which will now apply this year.

 

[RickMachE]

Yes, you definitely have to understand the intricacies. I use my previous year's version to run the coming year's taxes after I complete my return, then check myself as the year goes on. With the EV tax credits (both 2021 and 2022, and the EVSE in 2021), I knew I had to be proactive and do Roth conversions. This year I also was able to itemize, first time in many years (mostly due to the cost of medical insurance after we retired). So what I converted in 2021 was noticeably less than what I converted in 2022. My rough pass with TurboTax 2022 shows I might be light by less than $100 (i.e. losing some tax credit), but I don't have my brokerage 1099 that will have things like qualified dividends or foreign tax credit. I had planned on using it up and paying a few hundred, so I'm chalking the potential miss up to TT not being finished, and expect it will be fine when I revisit some time in February. I usually owe, or have a very small refund, so I don't file until the due date most years, which allows TT to have as perfect software as they can in the tax season.

There will be a significant number of people that don't get any tax credit, more in 2023 due to the MSRP and income caps, but think they should. I had a dealer contact me yesterday about a $90,000+ Platinum Lightning, and I said "nothing over $80k, want the tax credit". He replied "it quantitys" (I assume he meant "qualifies"), to which I responded "no it doesn't, has to be $80k or less without destination charges" and asked him how he can be selling EVs and not understand the basics of the tax credit.

 

[Caramel Mach-e-ato]

Yes, you definitely have to understand the intricacies. I use my previous year's version to run the coming year's taxes after I complete my return, then check myself as the year goes on. With the EV tax credits (both 2021 and 2022, and the EVSE in 2021), I knew I had to be proactive and do Roth conversions. This year I also was able to itemize, first time in many years (mostly due to the cost of medical insurance after we retired). So what I converted in 2021 was noticeably less than what I converted in 2022. My rough pass with TurboTax 2022 shows I might be light by less than $100 (i.e. losing some tax credit), but I don't have my brokerage 1099 that will have things like qualified dividends or foreign tax credit. I had planned on using it up and paying a few hundred, so I'm chalking the potential miss up to TT not being finished, and expect it will be fine when I revisit some time in February. I usually owe, or have a very small refund, so I don't file until the due date most years, which allows TT to have as perfect software as they can in the tax season.

There will be a significant number of people that don't get any tax credit, more in 2023 due to the MSRP and income caps, but think they should. I had a dealer contact me yesterday about a $90,000+ Platinum Lightning, and I said "nothing over $80k, want the tax credit". He replied "it quantitys" (I assume he meant "qualifies"), to which I responded "no it doesn't, has to be $80k or less without destination charges" and asked him how he can be selling EVs and not understand the basics of the tax credit.

I feel like I should be getting some consulting fees from my dealership for overall education on the MME and the new tax credit that I provide to them. They are a great dealer to work with, but those of us who are neck-deep in this stuff outpace their understanding by far. (I’m in a small town). They are really receptive to my inputs.

I can only imagine the false info and bad guidance being put out by dealers nationwide due to lack of comprehension.

Caveat emptor.

 

[bcb]

Yes, you definitely have to understand the intricacies. I use my previous year's version to run the coming year's taxes after I complete my return, then check myself as the year goes on. With the EV tax credits (both 2021 and 2022, and the EVSE in 2021), I knew I had to be proactive and do Roth conversions. This year I also was able to itemize, first time in many years (mostly due to the cost of medical insurance after we retired). So what I converted in 2021 was noticeably less than what I converted in 2022. My rough pass with TurboTax 2022 shows I might be light by less than $100 (i.e. losing some tax credit), but I don't have my brokerage 1099 that will have things like qualified dividends or foreign tax credit. I had planned on using it up and paying a few hundred, so I'm chalking the potential miss up to TT not being finished, and expect it will be fine when I revisit some time in February. I usually owe, or have a very small refund, so I don't file until the due date most years, which allows TT to have as perfect software as they can in the tax season.

There will be a significant number of people that don't get any tax credit, more in 2023 due to the MSRP and income caps, but think they should. I had a dealer contact me yesterday about a $90,000+ Platinum Lightning, and I said "nothing over $80k, want the tax credit". He replied "it quantitys" (I assume he meant "qualifies"), to which I responded "no it doesn't, has to be $80k or less without destination charges" and asked him how he can be selling EVs and not understand the basics of the tax credit.

Rick, Im in the exact same situation on most of what you mention above (minus the AMT and carryovers). If the form says DO NOT FILE is could be inaccurate. In this case I think the EV form is ok, but many of us had a terrible time when they release the 8962 AS FINAL Ready to File, but it was actually broken for those of us that went over 400% of the federal poverty level for ACA insurance. It tooks weeks of complaining to them to go back and fix it, and it was labelled "ready to file, ready to print" the whole time. I also use the prior yr to check myself as I go through the year, that's how I knew I probably didn't owe ACA Ins repayment to the tune of 29K!
I'm really glad I opted for a 2021 GT PE on the lot (no ADM), because I think folks in 2023 are going to get hosed over losing the $7500 credit, which really sucks.

 

[generaltso]

I can only imagine the false info and bad guidance being put out by dealers nationwide due to lack of comprehension.

Just wait until the tax credit can be taken at point of purchase in 2024. The dealers aren’t going to be any smarter then. It’s going to be a cluster.

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