Fed Tax Credit

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!
 
Dave Ferrell said:
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!
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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!
 
Dave Ferrell said:
Now if there was just a decent PHEV SUV with a big enough battery to get the $7,500 again for this year!
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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.
 
rodeknyt said:
Still waiting for the IRS to finish the Form 8911 to get the credit for installing an EVSE at home.
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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.
 
jdonalds said:
Check out the new Kia Niro.
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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.
 
Dave Ferrell said:
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!
Click to expand...

What about the Mitsubishi PHEV?


Sent from my iPad using Inside EVs
 
Dave Ferrell said:
Now if there was just a decent PHEV SUV with a big enough battery to get the $7,500 again for this year!
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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.
 
Alex0913 said:
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!
Click to expand...
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.
 
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.
 
KClark said:
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.
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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!
 
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.
 
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.
 
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.
 
Claire Green said:
My question is after filling in form8936, where do you plug in the $7500 credit in the 1040 form? Which line number?
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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
 
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