Congress retroactively extends Federal tax credit for home EV chargers, etc.

Kerbe said:
Any idea what IRS form this will require?
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Nope, not yet. The article talks about probably having to file an amended return for the year you put (for example) an EV charger in service, and I am guessing the IRS will publish some guidance on how they want that to happen, with forms, etc. I will try to update this post further when further info is available, as I hope to claim the EV charger credit for a 2018 installation myself.
 
All - please remember that, like the EV purchase tax credit, this credit is highly likely to apply to tax liability in the year of EVSE installation only, meaning that if you don't have enough tax liability to absorb the full credit it is lost -- no credit carry-forwards or carry-backs.
 
Excellent information. But retroactively approving this means that the intent was defeated for earlier years, namely to encourage install of EV chargers and EV car adoption.

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Phil_Meyers said:
Does this apply to the home chargepoint charger I bought but installed myself?
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IIUC, it applies to both the purchase of the charger and any installation costs, whether that is an electrician or just a handyman attaching it to a wall and a preexisting plug socket. Might have to bill yourself some labor time :p
 
From Jan 15, 2020 IRS publication regarding Form 8911:
"This form, instruction, or publication is being revised to reflect legislation enacted December 20, 2019. The updated revision will be posted here as soon as possible. We apologize for the delay and inconvenience. The most recently issued final revision begins on the next page, but, again, is being updated to reflect recent legislation. Early release drafts of forms and instructions (and some pubs) are posted before the final release at IRS.gov/DraftForms (note that they remain there after the final release is. The most recently issued final revision of forms, instructions, and publications is posted at www.irs.gov/LatestForms and at www.irs.gov/AllForms, which has revisions for all years each form, instruction, or pub has been issued."
 
petteyg359 said:
IIUC, it applies to both the purchase of the charger and any installation costs, whether that is an electrician or just a handyman attaching it to a wall and a preexisting plug socket. Might have to bill yourself some labor time :p
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I wouldn't mind a couple of hours st the rate I was making before I retired.
 
As per today, TurboTax still has not implemented the EV or EVSE tax credit option "in spite of Congress having approved" it. The message said they will let me know as soon as it becomes available.
 
coutinpe said:
As per today, TurboTax still has not implemented the EV or EVSE tax credit option "in spite of Congress having approved" it. The message said they will let me know as soon as it becomes available.
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Mowcowbell said:
He was probably still butthurt from making the poor decision to lease that all electric Clarity.
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The IRS has to complete and release the appropriate forms before tax software companies can implement them.
 
coutinpe said:
As per today, TurboTax still has not implemented the EV or EVSE tax credit option "in spite of Congress having approved" it. The message said they will let me know as soon as it becomes available.
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Which section in turbo tax is the charger credit under? I only see the ev credit section.


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Weirdly enough, I pulled up my 2018 TT, ran the updates and there is a place for EV chargers in there but running an amended return still did not change my tax liability/refund.

geo
 
K8QM said:
Weirdly enough, I pulled up my 2018 TT, ran the updates and there is a place for EV chargers in there but running an amended return still did not change my tax liability/refund.
geo
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See post #6 above in this thread -- that MIGHT answer your question..., but it also could be that 2018 TT just is not updated yet to grant a credit for a 2018 EVSE installation. As @DucRider says (above in post #16), the software companies are unable to implement anything until the IRS updates and issues updated forms, which to my knowledge it has not completed yet for the Dec 2019 tax law changes passed by Congress.
 
Texas22Step said:
See post #6 above in this thread -- that MIGHT answer your question..., but it also could be that 2018 TT just is not updated yet to grant a credit for a 2018 EVSE installation. As @DucRider says (above in post #16), the software companies are unable to implement anything until the IRS updates and issues updated forms, which to my knowledge it has not completed yet for the Dec 2019 tax law changes passed by Congress.
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The 2018 form 8911 was released by the IRS last year, but contained instructions that the credit had expired. They will need to update TT 2018 to implement it - once again only after the IRS releases an updated form. I haven't sorted thru to see what other tax law changes were enacted in December that the IRS has to implement, how many forms it affected, and for how many years.

From the 2018 8911 instructions:
Caution: The form, instruction, or publication you are looking for begins on the next page. But first see the important information below.
This form, instruction, or publication is being revised to reflect legislation enacted December 20, 2019. The updated revision will be posted here as soon as possible. We apologize for the delay and inconvenience. The most recently issued final revision begins on the next page, but, again, is being updated to reflect recent legislation.
https://www.irs.gov/pub/irs-pdf/i8911.pdf
 
This is great information. Would really appreciate an update on this thread once anyone notices that the form has been updated for TT. I installed a home charger in 2018 (when I bought my Clarity) and a credit for that install would be fantastic free money.
 
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