Tax Credit documentation

[Rudy Bega]

Got notice, My GTPE 2021 will arrive at the Dealer February 6-12. Is there is a specific document that allows you to take the $7,500 and identifies you are within the Ford 200,000 allotment?

I know, as it stands, I can’t claim until 2023 for 2022 Tax Year.

what do you need to secure at close?

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[macchiaz-o]

Got notice, My GTPE 2021 will arrive at the Dealer February 6-12. Is there is a specific document that allows you to take the $7,500 and identifies you are within the Ford 200,000 allotment?

I know, as it stands, I can’t claim until 2023 for 2022 Tax Year.

what do you need to secure at close?

You'll just need the VIN and purchase date.

 

[phidauex]

You need surprisingly little documentation. There is no form or certificate or anything that you receive, or require. I’m doing my 2021 taxes now, and HR Block tax software asks for Make/Model/Year, VIN, purchase date, purchase cost, and you fill out the amount of the credit (with a link to the IRS website if you need to look it up).

Now, if you were to be audited then you’d need the full suite of Bill of Sale, title, etc. probably, but to simply file for the credit is very easy.

 

[Rudy Bega]

You need surprisingly little documentation. There is no form or certificate or anything that you receive, or require. I’m doing my 2021 taxes now, and HR Block tax software asks for Make/Model/Year, VIN, purchase date, purchase cost, and you fill out the amount of the credit (with a link to the IRS website if you need to look it up).

Now, if you were to be audited then you’d need the full suite of Bill of Sale, title, etc. probably, but to simply file for the credit is very easy.

Many thanks for the response!

 

[ChuckA]

Got notice, My GTPE 2021 will arrive at the Dealer February 6-12. Is there is a specific document that allows you to take the $7,500 and identifies you are within the Ford 200,000 allotment?

I know, as it stands, I can’t claim until 2023 for 2022 Tax Year.

what do you need to secure at close?

You can take the effect of the $7500 tax credit by reducing your weekly federal tax withholding by $144. Alternatively, you wait until your 2022 return is filed in 2023 and get a refund.

 

[Bigfeets]

Got notice, My GTPE 2021 will arrive at the Dealer February 6-12. Is there is a specific document that allows you to take the $7,500 and identifies you are within the Ford 200,000 allotment?

I know, as it stands, I can’t claim until 2023 for 2022 Tax Year.

what do you need to secure at close?

Take a look at IRS form 8936

 

[Triggerhappy007]

I’m doing my 2021 taxes now, and HR Block tax software asks for Make/Model/Year, VIN, purchase date, purchase cost , and you fill out the amount of the credit (with a link to the IRS website if you need to look it up).

I haven't used HR Block, but I've never had to enter the price of the car when I file with other tax software.

 

[ChuckA]

I haven't used HR Block, but I've never had to enter the price of the car when I file with other tax software.

My H&R Block Software does not ask for price of the car, only the VIN, Model, Purchase Date, amount of the Expected Rebate, and whether it is one of the listed vehicles no longer getting a full $7500 per the IRS instruction for eligible vehicles.

The line asking for cost of the vehicle is only for “2 wheel” vehicles.

 

[phidauex]

My H&R Block Software does not ask for price of the car, only the VIN, Model, Purchase Date, amount of the Expected Rebate, and whether it is one of the listed vehicles no longer getting a full $7500 per the IRS instruction for eligible vehicles.

The line asking for cost of the vehicle is only for “2 wheel” vehicles.

Ah, you’re right! The cost line doesn’t apply in this case. Even easier still!

 

[MachTee]

We use Turbotax and claimed the EV credit twice and solar install once. It's surprisingly little that they request. Turbotax does ask for battery capacity and gross vehicle weight, in addition to VIN and stuff. Just make sure you have the complete paper trial in case you get audited. With Ford, at least my dealer, everything I signed was on a USB drive given to me. Nothing was printed.

 

[ChuckA]

Ah, you’re right! The cost line doesn’t apply in this case. Even easier still!

I did a “what if” estimated return and found out that this H&R Block software is not “intuitive”. It will let you fill in the vehicle data but if you forget to type in the $7500 it won’t apply the tax credit to the taxes.

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