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

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.

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Which section in turbo tax is the ev charger?

For example, the ev credit is under deductions& credits> cars and other things you own> energy efficient vehicles


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Federal Taxes->Cars and Other Things You Own->Energy Efficient Charging Station

It was actually there last year.

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Kerbe said:
Any idea what IRS form this will require?
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Here is the 8911 Feb 2020 revision I downloaded today from IRS.gov. I haven’t thoroughly researched it yet, so someone confirm if this is indeed the one we have been waiting for. Thanks!
 

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Sloanhoo said:
Here is the 8911 Feb 2020 revision I downloaded today from IRS.gov. I haven’t thoroughly researched it yet, so someone confirm if this is indeed the one we have been waiting for. Thanks!
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That's the one I've seen referenced multiple times. ClipperCreek has some info with useful links: https://www.clippercreek.com/tax-cr...+Credit&utm_campaign=2020+Tax+Credit+Extended. It also says IRS form 8911.

Does anyone know if this is a one time credit?
I bought my EVSE in 2019 and got the electrical work (more $$$) done this year. If limited to one credit, I'd have to wait for 2020 claim on the electrical work.
 
I have been eagerly awaiting the finalized form and worked on it yesterday. Big disappointment at the end.

I got the $7500 rebate already for the 2018 tax year. Part of the form 8911 hoop-jumping is attaching the form for calculating whether or not you were subject to the Alternative Minimum Tax for 2018. I wasn't, but that form calculates the Tentative Minimum Tax (TMT) you are subject to (i.e. the least amount you'd have to pay regardless of anything else in your return).

My tax liability was more than the TMT and I got the $7500 credit. That credit reduced the taxes I paid down to only $9 more than my TMT. Long story short, doing an amended return for the 2018 tax year would only be good for 9 bucks. Not worth it.
 
Texas22Step said:
All - it looks like the IRS has now posted an updated Form 8911 and associated instructions https://www.irs.gov/pub/irs-pdf/i8911.pdf and at https://www.irs.gov/pub/irs-pdf/f8911.pdf both showing a revision date of February 2020. I am not sure if TT or other tax software has been updated yet as well.
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I received an email from Turbo Tax today indicating that Form 8911, Alternative Fuel Vehicle Refueling Property Credit has been included in their latest software update.
 
NorCalPete said:
I received an email from Turbo Tax today indicating that Form 8911, Alternative Fuel Vehicle Refueling Property Credit has been included in their latest software update.
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I'm bummed the credit extends only to the start of 2018, the year after I bought our Clarity and installed our EVSE.
 
Weird experience with TT. I did my taxes on the 19th and at the end I went through the Electric Car section to fill my Clarity data. I got the full $7500 on top of the $2K refund I was already getting. I e-filed that night and TT said that everything was fine, only to get an e-mail 3 hour later telling that my Federal tax return had been "rejected" by the IRS due to some issue with their form for the electric car credit not being updated. I suspected it was because (as some fellows here have said) that I shouldn't get the credit since I didn't owe any taxes (I had in fact a $2K refund), so I went back to TT to get 'guidance to fix the problem' and see the $7500 credit disappear, but they didn't ask me to fix anything, the full credit stayed and TT said I was ready to file. I did and an hour later I got the email that the IRS 'accepted' my return, with the full credit. Unsure of what happened but I'll keep my fingers crossed until I get the check...
 
coutinpe said:
Weird experience with TT. I did my taxes on the 19th and at the end I went through the Electric Car section to fill my Clarity data. I got the full $7500 on top of the $2K refund I was already getting. I e-filed that night and TT said that everything was fine, only to get an e-mail 3 hour later telling that my Federal tax return had been "rejected" by the IRS due to some issue with their form for the electric car credit not being updated. I suspected it was because (as some fellows here have said) that I shouldn't get the credit since I didn't owe any taxes (I had in fact a $2K refund), so I went back to TT to get 'guidance to fix the problem' and see the $7500 credit disappear, but they didn't ask me to fix anything, the full credit stayed and TT said I was ready to file. I did and an hour later I got the email that the IRS 'accepted' my return, with the full credit. Unsure of what happened but I'll keep my fingers crossed until I get the check...
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This is a very common misconception. The availability of the credit is unrelated to whether you would otherwise be owed a refund or need to pay more than been withheld (or paid in your quarterly estimated taxes if that applies to your situation).
The only thing that matters is your tax liability for the year. If you have a tax tax liability of $7,500 or more you can utilize the full credit. If you have less, you will pay no taxes for the year but cannot roll over part of the credit to subsequent years.
 
I started on our taxes this morning. The 7500$ vehicle credit seemed to go in without any problem, but Turbo Tax keeps saying that the amount of credit I am entitled to is 0$.
 
S L . said:
The irs wording is not clear, do you have to be the homeowner to claim the charger credit?
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It sort of implies this, but it merely asks how much you paid for it (and how much you paid to have it installed). This second bit is where there is implied home ownership.

In my case, I was looking at the 8911 form - the top part sort of looks reasonable. They then calculate your tax in two different methods, and take the difference. If the difference is > 0, then you apparently get the smaller of that number and 30% of the EVSE price. In our case, the difference is < 0, so we get nothing.
 
Previously I had calculated my EVSE credit by completing IRS form 8911 "manually" and ended up with a $238 credit. I just plugged the same numbers into Turbo Tax (after it's update) and, as expected, it calculated the same credit amount -- so it looks like I'm ready to file. :) For those who are curious, the cost of my EVSE (Juicebox Pro 40) plus installation (i.e., 75 feet of 6/3 NM-B wire, 50A outdoor RV power outlet box, 50A 240V circuit breaker) was $793 -- I did all the electrical work myself so the only cost was materials/equipment.
 
I need to figure out whether a Juicebox EVSE *purchased* in 2019, but not *placed in service* until 2020 can be included in my 2020 filing next year. I believe the answer is Yes, and at the time I'll include the cost of the wire etc (already purchased last year) and permit (planning to submit soon this year) when I DIY it.

If not then technically I should consider it to have been "placed in service" last year when I used it with a 120V adapter; in that case I would only include the EVSE itself in the 2019 filing, because of course the rest wasn't placed in service!
 
My taxes for the year is around $15k, i got the $7,500 ev credit, but TT is calculating $0 for my ev charger credit. I’m not subject to the amt.


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I did form 8911 manually this time, it won’t let me claim the ev charger credit because my tentative minimum tax is bigger than my tax bill. Even though I don’t have to pay the amt, it still uses the tmt to calculate the ev charger credit.





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