TurboTax IRS Form 8936 Qualified EV Credit Section Now Available

[Caramel Mach-e-ato]

I wonder if they will have any liability for bad point of sale tax credits next year. It’s the only way to keep them honest…skin in the game.

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[generaltso]

I wonder if they will have any liability for bad point of sale tax credits next year. It’s the only way to keep them honest…skin in the game.

Car dealers are not tax professionals. If you take a credit at point of purchase that you don’t qualify for, I would think you’ll have to pay it back when you do your taxes. But we’ll have to see how it shakes out next year.

 

[SuperRob]

TurboTax states very clearly on their website that the forms, 8936 and 8911, are ready on 1/26/23.

Incidentally, the TurboTax app is now telling me those are ready to file on 2/2/2023.

 

[fpasta]

Just got my W2 from work. Will be doing this - after stated date I read here. Thanks. Been using Turbo Tax for a few years now.

 

[RickMachE]

Incidentally, the TurboTax app is now telling me those are ready to file on 2/2/2023.

You are correct. Move out a week.

 

[vortix]

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.

Absolutely. It really isn’t worth taking delivery of a ‘23 with MSRP over $55k. The depreciation hit will be massive and instant. I saw CarMax selling a ‘22 GTPE with BlueCruise for $59k.

 

[connoisseurr]

FYI to Chase Credit Card holders, the following Turbotax cash back offers are available to be activated:

Sapphire customers = $5 back
Prime customers = $10 back
Ink Business customers = $10 back
Slate Edge customers = $10 back

 

[bcb]

FYI to Chase Credit Card holders, the following Turbotax cash back offers are available to be activated:

Sapphire customers = $5 back
Prime customers = $10 back
Ink Business customers = $10 back
Slate Edge customers = $10 back

buying TT at Sam's also has a $10 credit to be used within the app

 

[connoisseurr]

buying TT at Sam's also has a $10 credit to be used within the app

Is that buying the web version, or the physical software version?

 

[JustSomeQuickGuy]

I don't like TurboTax, largely because of their lobbying practices.

I've been using https://www.freetaxusa.com for a few years now -- just filed my taxes, and it's been approved by the IRS (took about 1 hour before I got the notice the IRS accepted it). It's free for federal, and $14 for state.

Form 8936 was already part of their credit fow. To note, I bought my 2023 Mach-E in Dec 2022 and was able to submit for the full credit.

 

[Mablanc]

Rebates? Not so much for the Canadian Mach E owners. I sent an email to the Zero Emission Vehicle team after I read the following on their website:

"It is our pleasure to inform you that on March 31, 2022, $1.7 billion in additional funding was announced by the Government of Canada for the extension and expansion of the Incentives for Zero-Emission Vehicles (iZEV) Program until March 31, 2025 (subject to funding availability). The new program parameters take effect on April 25, 2022."

I asked about my 2021 Mach E Premium AWD Extended range, delivered April 2021. That was the reply (note, amounts are in CAD $):

• a passenger car, where the base model Manufacturer's Suggested Retail Price (MSRP) is less than $55,000; and
  • higher priced trims of these vehicles, up to a maximum MSRP of $65,000, will also be eligible for purchase incentives; or

• a station wagon, pickup truck (light truck), sport utility vehicle (SUV), minivan, van, or special purpose vehicle, where the base model Manufacturer's Suggested Retail Price (MSRP) is less than $60,000; and
  • higher priced trims of these vehicles, up to a maximum MSRP of $70,000, will also be eligible for purchase incentives.

The Mach E Extended Range does not meet the MSRP criteria and is not currently eligible.

 

[RedStallion]

I was able to enter my vehicle info and get the tax benefit. It asked for the written contract date before 16 August 2022. That stressed me out. I thought the tax benefit was straight forward as long as you delivered before 31 Dec.

I didn't have any problems with Turbo Tax, entered the numbers on 8936 and got a full deduction. One thing I noticed I came incredibly close to Alternative Minimum Tax in form 8911, only few thousand difference. Had I bought a second EV I wouldn't be able to use both deductions.
So be careful, your AMT may disallow you using the $7500 tax credit.

 

[Shelbeast]

Absolutely. It really isn’t worth taking delivery of a ‘23 with MSRP over $55k. The depreciation hit will be massive and instant. I saw CarMax selling a ‘22 GTPE with BlueCruise for $59k.

yep, saw GTPE for 54K.

 

[Shelbeast]

I didn't have any problems with Turbo Tax, entered the numbers on 8936 and got a full deduction. One thing I noticed I came incredibly close to Alternative Minimum Tax in form 8911, only few thousand difference. Had I bought a second EV I wouldn't be able to use both deductions.
So be careful, your AMT may disallow you using the $7500 tax credit.

Thanks for the info! Did the 8936 come up automatically on TT or did you have to search?

 

[RickMachE]

Thanks for the info! Did the 8936 come up automatically on TT or did you have to search?

Forms don't come up. The interview asks if you bought an EV.

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