pdx_m3s
Active Member
As a CPA, I’m going to bet it’s user error.
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2019 IRS Form 8936
- Thread starter JSWE
- Start date
As a CPA, I’m going to bet it’s user error.
JJOhio
Member
Yep, CPA's, you are right. My error.
In the input dialog, you put the $7500 and let the program cut it in half (or more) based on your purchase date, rather than cutting it in half first.
All is well!
In the input dialog, you put the $7500 and let the program cut it in half (or more) based on your purchase date, rather than cutting it in half first.
All is well!
The poster said the company was run by a bunch of morons. It doesn’t seem like he is only complaining about the specific form. And returns aren’t due for another 2.5 months - if the poster thinks the company is run by morons solely because of this form he/she should show some patience.
jrweiss98020
Tessa's Tesla
I put your date in my H&R Block program, and it changed my $1875 (bought in Sep) to $3750.
Make sure you have the latest program update.
JJOhio
Member
JJOhio
Member
jrweiss98020
Tessa's Tesla
Yep! I initially put in the $1875 instead of $7500, too! The H&R Block "interview" could be a little more explanatory...
I kicked TurboTax to the curb and went with FreeTaxUSA. Form 8936 was available and the only charge is the state efile ($12.95). I don’t like waiting on filing my tax return with the potential of identity theft/fraudulent returns.
jrweiss98020
Tessa's Tesla
I don't like to wait, especially when I'm getting a refund. However, I still have to wait for all those 1099s, which may not come til mid-Feb from some brokerages...
The desktop version of TurboTax is saying the form will be available on 2/12. Lots of places don't generate their 1099s until 2/15 so this is not really delaying me at all.
Re: the thread on churning - wow that seems like a lot of work and a lot of hard credit pulls. I have credit cards to save time, not to give me a part time job managing and closing credit accounts. I'm happy keeping my one credit card a decade at a time. I don't even shop for rewards, I just claim the statement credit once per year.
Re: the thread on churning - wow that seems like a lot of work and a lot of hard credit pulls. I have credit cards to save time, not to give me a part time job managing and closing credit accounts. I'm happy keeping my one credit card a decade at a time. I don't even shop for rewards, I just claim the statement credit once per year.
Knightshade
Well-Known Member
It's very little work... like 5-10 minutes every few months compared to not doing it- for many thousands (or tens of thousands for the kind of spending that guy is doing) of dollars of profit a year.
It is a lot of hard pulls- but that's a complete non-issue if your credit report is otherwise good...I've gone through dozens of cards in last couple years and have scores well above 800.
That's entirely your choice, you're leaving a ton of easy $ on the table though.
Even ignoring churning and signup bonuses entirely, being willing to carry 2-3 cards instead of just one, and use the "right" one depending what you're buying, can increase your annual return on spend by at least 2-3x (potentially a lot more if you travel).
they have a satisfaction guaranteed or your money back clause. Just fill out the form on their site for a refund if you don’t want to wait.
pdx_m3s
Active Member
The form literally hasn’t been published by the IRS; there is no 2019 Form 8936 available at this time to file with your return. This is not TT’s fault. I’m not sure how the other services are getting around this.
Thanks, that's good to know.
I didn't read this whole thread. But I got the vibe that some people think they need to OWE the IRS enough money come April 15th to cover their EV Tax Credit.
NO !! You can owe $0 to the IRS because you set your W2 etc. correct and your "Balance" is $0 or they owe you money. That does not mean you didn't pay plenty of federal taxes through your W2 federal withholdings.
Ideally you want to owe the IRS money come April 15th, but ideally not enough to incur penalties.
If your balance due to the IRS is less than your EV tax credit, the IRS owes you money. It's basically a tax deduction off the top.
You just need to pay enough federal tax, in total for the year to cover your EV tax credit. About the only people that wouldn't qualify are folks that work under the table.
Sorry, if I got the wrong vibe.
Waiting for 2/12/2020 so I can get this all done
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