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Discussion in 'Model S: Ordering, Production, Delivery' started by lloyds, Jan 21, 2014.
Just a FYI TMC buds:
Thank you. Just what my CPA was waiting for.
Good on ya! Thanks for that form.
Thanks, There's A'lot of Good information here! (TAG)
Sorry this is a repost, but just a question: My CPA wrote this to me, and I just want to cross-check with anyone who has gone through this before I pursue:
"In reading the instructions for the Form 8936, which is the form the Tesla credit goes on, it states that Tesla should have provided you an IRS letter acknowledging the certification of the vehicle as eligible for the credit. I need a copy of that letter as well as their paperwork to you that tells you the amount of credit eligible for their vehicle. I know it’s $7,500, but they are responsible for tracking it as it phases out as they sell a certain number of vehicles and only they know that."
I did not get a letter like that from GM for my Volt or from Tesla for the Model S.
The form askes for the vin, so they are tracking it that way.
Your "CPA" sounds a bit clueless. The form instructions do mention a certification letter but this is a letter sent by the manufacturer directly to IRS (you can get a copy from manufacturer, but it is not necessary for the filing). And the IRS lists the results of the certification on their web site. Here is the direct link for all Tesla vehicles:
Tesla IRS credit amounts link
And finally regarding the phaseout -- you should tell this CPA with whom you are entrusting all your money that it only begins after 200,000 electric vehicles produced (by Manufacturer, and only counting those sold for use in US)...
[Finally a note to the mods: there is a lot of recent cross-posting going on in several tax credit links and it would be great to merge them all].
Ouch, that's helpful, but kind of harsh. I promise if you ask me a medical question, I'll be nicer .
So, my CPA has told me that I dont need to owe 7500 to be able to take advantage of the full credit (eg, all 7500). Is this true? I thought I had to owe >7500 to be able to use all 7500 of the credit.
Note: i am an idiot when it comes to finances
I am doing my taxes by myself, and have a couple of questions, if anyone knowledgeable here can please answer:
Can I file Form 1040NR-EZ if I want to attach Form 8936 for the EV credit? Or do I have to file Form 1040NR?
Does the final credit amount in Line 23 of Form 8936 just stay there or does it have to be put somewhere in my 1040NR-EZ? Are they going to issue me two credits - one for my tax refund from 1040NR-EZ and one for the EV credit from 8936?
Thanks a lot, in advance, for any advice.
You have to have a tax liability of $7,500 to get the full $7,500 credit. See line 46 of your 2013 Form 1040 to see what your tax liability is. If it's at least $7,500 than you get the full credit, otherwise it's a dollar for dollar of tax liability to tax credit up to the maximum of $7,500.
Many people have more taxes withheld every payday and end up with a refund (or still owe a small amount) which is where I think the confusion is as they are not sure of their actual tax liability. The amount of money withheld is on line 72 of Form 1040. The difference from line 72 and line 46 whether + or- is the amount you still owe or the refund you will get because you overpaid your tax liability. So your CPA is correct in the sense that if not enough money was withheld during the year you still owe the IRS the difference from what you prepaid and your actual tax liability.
Bottom line: look at line 46. If it's at least $7,500 your golden and get the full $7,500 credit.
Edit Note: I mistakenly stated line 61 when line 46 is the line to look at (corrected in test of post above). Sorry for the confusion, trying to be helpful and posted in haste. :redface:
I owed around $4500 in taxes, I paid around $5000....so I am only getting a $4500 tax credit.....plus what I over paid. You will get a credit for whatever you owe. I filed with TaxAct two weeks ago and I am getting my refund tomorrow.........the IRS processed mine super fast.
As I read your post, you had a tax liability of aprox. $9,500 ($4,500 owed + $5,000 already paid). Your line 61 should be about $9,500 correct? If so, of the $7,500 credit due you, $4,500 the IRS will keep to pay for the $4,500 you still owe them and a refund of $3,000 is arriving tomorrow.
At least I hope that's what is happening. :smile:
Edit notes: My bad GDH. Line 46 is the line to be looking at not 61. I changed my original post so I don't lead posters down the wrong path.
Hopefully my CPA Mr. Turbotax has the form this week. Thanks
It does, I got the reminder email on Friday.
The EV form is present, but the home charger station credit was still not working as of Friday..
What kind of reminder email?
When I open TT, it informs me of pending software updates, if there are any, but I don't get any emails from them.
My refund hit my account this am. Woot woot!
- - - Updated - - -
Here's the email I got:
Tax Forms Ready
Dear TurboTax Customer,
We just wanted to let you know your tax forms are ready. Below we have listed all the forms you asked us to e-mail you about -- forms you may have worked on since then won't be listed. You can return to TurboTax Online to finish your taxes anytime.
These forms are now ready.
Not a TRUE credit. Like many of these dishonest government 'credits' if your income is not just right you get screwed. In this case it has unfair bias towards high income earners.
GDH bought a car he thought would net cost $7500 less than he paid. In the end his 'rebate' was only $4500. Who doesn't see that as being screwed out of $3000 by IRS 'fine print.'
Well lets be clear, I knew that I would not qualify for the $7500 credit.