Fed Tax Credit

Discussion in 'Clarity' started by Dave Ferrell, Feb 1, 2019.

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  1. Dave Ferrell

    Dave Ferrell Member

    Filed our Fed taxes today. Piece of cake getting the $7,500 tax credit. We use Turbo Tax and it asked if we had purchased a PHEV, took us to a couple of pages of easy to answer items including vin and battery size and viola, taxes reduced by $7,500. Really makes the car a wise choice after taking off that amount from the purchase price.

    Now if there was just a decent PHEV SUV with a big enough battery to get the $7,500 again for this year! Assuming they don't mess with the tax laws again!

    Happy filing!
     
    Alex0913 likes this.
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  3. jdonalds

    jdonalds Well-Known Member

    Check out the new Kia Niro.
     
  4. Alex0913

    Alex0913 Member

    What type of service did you get? I know that they offer one which a CPA revises your taxes and you can video conference with in case you have questions. They also offer a Tax defense in case you get audited. I am unsure which one to choose but I am leaning towards the one with CPA since I haven't filed my taxes online.
    Also, does Turbotax tell you if your taxes have been accepted or gives you a time frame for your refund?
    Thanks in advance!
     
  5. DucRider

    DucRider Well-Known Member

    Closest thing is likely the Pacifica Hybrid. While it is a minivan, whether it works for you or not really depends on what aspects of "SUV" you are looking for as that term is used rather loosely. High ground clearance and 4WD/AWD it is not, but does carry lots of passengers/cargo.

    The Clarity, Volt and Pacifica are the only PHEV's that qualify for the full $7,500.

    Only other option that's even close to 16 kWh (that I know of) on the near term horizon are the 2019 Range Rover P400e's (Sport and Standard) that are expected to have a 15 kWh battery and qualify for $7,087.
     
  6. rodeknyt

    rodeknyt Active Member

    Still waiting for the IRS to finish the Form 8911 to get the credit for installing an EVSE at home.
     
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  8. DucRider

    DucRider Well-Known Member

    Don't bother waiting, that credit has expired and is no longer available. They did make it retroactively available for one year only - the 2017 tax year - in Feb 2018 (it had expired 12/31/2016), but I wouldn't count on it happening again.
     
  9. Olimpia

    Olimpia Member

    Note that the PHEV Niro has a smaller battery and you can only get a max of $4543.
    If you want the full $7500 you need to get the Niro EV which is not out yet and will only be sold in certain states initially.
     
  10. DVoran

    DVoran Member

    What about the Mitsubishi PHEV?


    Sent from my iPad using Inside EVs
     
  11. insightman

    insightman Well-Known Member Subscriber

    The Honda Pilot Plug-In Hybrid is coming. It could possibly show up this year--Honda is always very tight-lipped about their release dates.
     
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  13. Dave Ferrell

    Dave Ferrell Member

    I just used Deluxe version. Tax Audit Defense is an option inside the program for an additional $45. I have never tried that CPA version so can't comment. Filing on line is a very straight forward process however and Turbo Tax Deluxe has served us well for many years with no issues.
     
  14. KClark

    KClark Active Member

    I also just finished my taxes with TurboTax Deluxe. The $7500 credit took less than a minute, I entered the mfg and model, VIN, battery capacity in kWh, gross vehicle weight and the refund bumped up by 7500.
     
    Alex0913 likes this.
  15. Alex0913

    Alex0913 Member

    Did it give an estimate as to when you would get your refund?
    Is the deluxe the $39.99 plus state other $30? So it should come at about $70?
    Thanks!
     
  16. KClark

    KClark Active Member

    No estimate although they sent an email with a tracking link in it so I can check on the status. TurboTax Deluxe comes with free federal e filing and one free state that you can print and mail for free or e file for an extra $19.99. Intuit sent me a discount coupon since I’ve used TurboTax for several years. I got it for $39.99 from Amazon. That was the dvd version, strangely the download version was $49.99.
     
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  17. As an aside, Costco had (has?) the same pricing on TurboTax. I had to dig out and dust off my CD/DVD reader!

    I’m waiting until everything else is received and entered to plug in the Clarity numbers. Both to confirm the savings and for the “rush”!

    I know I’ve mentioned that in retirement, most years we have very little net income and pay very little in income tax, so all or most of the credit would have been lost*. 2018 stood out as a rare exception, motivating us to buy the car last year.


    *This forum brought up leasing as a way to indirectly get the tax credit even with no income tax due. I had not even considered leasing, but going forward will try to keep that new knowledge in mind.
     
  18. KClark

    KClark Active Member

    Eddie it’s true, the “exclusive” deals I get sent every year for being a TurboTax customer are never that exclusive, all you have to do is shop around.
     
  19. Claire Green

    Claire Green Member

    My question is after filling in form8936, where do you plug in the $7500 credit in the 1040 form? Which line number?
     
  20. DucRider

    DucRider Well-Known Member

    Line 54 of Schedule 3 (Nonrefundable credits) - information on this is on form 8936
    Total from Schedule 3 goes to line 12 of the 1040
     
  21. Claire Green

    Claire Green Member

    Thanks, didn't see any mention of schedule 3 on form 8936 instructions but it all makes sense now.
     

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