I wonder if the residential renewable energy credits are ready now. I still need to enter your interest income and the TCEQ grant And I think I’ll be ready. I don’t think they will retroactively renew the EVSE Credit again unfortunately.
Are you guys filing with Turbo tax or any other software? First time filing my taxes online and I am bit nervous to mess something up.
Unlikely for there to be a change unless both senate races go to the Ds and they decide to play hardball on Senate rules. Otherwise, the current law should continue, and Honda is well below the cutoff threshold.
Just confirming that the $7500 Fed Tax Credit is still in effect for 2021. I'm asking because the 2021 8936 form states the Max is $2500- perhaps I've reading ti wrong.
You're reading it wrong. "If the vehicle has at least four wheels, leave lines 7 through 10 blank and go to line 11" "For vehicles with four or more wheels, enter the amount from line 6. If the vehicle is a two-wheeled vehicle, enter the smaller of line 9 or line 10" "For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500."
Thanks for the explanation. If I understand, Clarity is 17 KW, the credit would be 17 * $417= $7089 + 417 = $7506 (rounded to $7500)
Which means it hits the $7,500 max. Don't try and use the $7,921 number. You can look up qualified vehicles and their Credit Amounts here: https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit