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2016 taxes

Discussion in 'Tesla' started by hariclt, Dec 10, 2016.

  1. hariclt

    hariclt Member

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    Nov 15, 2016
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    Location:
    Charlotte, NC
    Hello,

    For those that recieved their Tesla's this year (2016) ... has anyone had any success getting turbo tax or one of the other tax programs to confirm you are good on the rebate.

    Thanks!
     
  2. Phil Seastrand

    Joined:
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    Location:
    United States
    I do preliminary tax planning using the previous year's version of TurboTax and it was able to handle the tax credit. I haven't tried the new version for 2016 yet, but I'm confident it will work.
     
  3. hariclt

    hariclt Member

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    Location:
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    I tired it on turbo tax online 2016 .. and it could not get it to work with my VIN etc .. was hoping someone to confirm the form is just not updated in turbo tax yet.
     
  4. cpa

    cpa Active Member

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    I cannot say one way or another about TurboTax. I use the souped-up, professional version for my practice. I have received three updates since the original 2016 software was available in mid-November. The IRS has not signed off yet on any forms for 2016. That much I do know. And you cannot file until around Jan. 16. Cash refunds are delayed until mid February, even for those early birds who file on the first possible day. No real hurry if some of your payments are through withholding.

    I fail to understand why this is an issue. Tesla is nowhere near the 200,000 threshold before phase-out. So, you either get the lesser of your actual income tax liability or $7,500. You can probably kiss the EVSE credit goodbye. Unless your personal return is ultra complex with many AMT adjustments and other unusual situations, just go off last year's return.

    I don't know about TurboTax, but I would just think you could use the 2015 version and use 2016 data. The inflationary adjustments and tax tables/rates will be insignificant. But you would have a very good idea.
     
  5. 997cab

    997cab Member

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    In the past when I used Turbo Tax & when there was a problem I would email them & it was corrected within a week.
     
  6. Barklikeadog

    Barklikeadog Member

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    Remember, Turbo Tax is not much more than a calculator. Seek professional help ;)
     
  7. Xenius

    Xenius Member

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    I'll have to log in and take a look.
     
  8. Xenius

    Xenius Member

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    Just tried putting mine in and it wasn't recognized. I'll try again next year :D
     
  9. ggr

    ggr Roadster R80 537, SigS P85 29

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    I can't tell if you're joking or not (despite the smiley), but it has to be claimed in the year the car is paid for.
     
  10. Xenius

    Xenius Member

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    Sorry, I was being serious, but with a different intention. I mean I'll try again in january (I'm assuming it said I wasn't eligible because of a software issue that isn't yet resolved for this tax year).
     
  11. hariclt

    hariclt Member

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    I just tried it on the web version .. worked!! One less thing to worry about .. :)
     
    • Like x 1
  12. Xenius

    Xenius Member

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    Yup, worked for me this time, though stating I don't get any credit yet since I haven't entered the rest of my info, but the fact that it was confirmed is good.
     

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