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2016 taxes

hariclt

Member
Nov 15, 2016
60
69
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!
 
Mar 4, 2014
448
615
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.
 

hariclt

Member
Nov 15, 2016
60
69
Charlotte, NC
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.
 

cpa

Active Member
May 17, 2014
3,021
3,743
Central Valley
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.
 

Xenius

Active Member
Apr 24, 2015
1,045
1,455
Havertown, PA
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.

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).
 

Xenius

Active Member
Apr 24, 2015
1,045
1,455
Havertown, PA
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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