$7500 Tax Credit Procedures...

[jlucero]

is all that is needed to fill out IRS Form 8936? turn this form in with tax return in april 2016?

https://www.irs.gov/pub/irs-pdf/f8936.pdf

anything else required?

 

[MorrisonHiker]

You have to buy a qualifying electric car as well. :wink:

 

[jlucero]

lol, was assuming that as well...all NEW model S's qualify for the same $7500 right?

 

[Max*]

lol, was assuming that as well...all NEW model S's qualify for the same $7500 right?

Yes. Though not all owners qualify

 

[MichFin]

You have owe at least $7500 in taxes. Not to be confused with refund or payment at the end of the year.

For example line 47 of your 1040 tax form must be > $7500

 

[cmarshack]

Yes. Though not all owners qualify

Are you referring to the AMT?

I thought this withstood the AMT...an I wrong about that?

 

[liuping]

Are you referring to the AMT?

I thought this withstood the AMT...an I wrong about that?

AMT does not effect the EV tax refund, but not everyone has $7500 in tax liability.

It's not a credit, so if you don't owe that much tax in the year, you will not get the full $7500.

 

[brec]

AMT does not effect the EV tax refund, but not everyone has $7500 in tax liability.

It's not a credit, so if you don't owe that much tax in the year, you will not get the full $7500.

It is a credit, so ... [rest of sentence correct].

The title of IRS Form 8936 is, "Qualified Plug-in Electric Drive Motor Vehicle Credit"

Note that the form linked in the OP is for tax year 2014. The 2015 version appears not to be available yet.

 

[Max*]

Are you referring to the AMT?

I thought this withstood the AMT...an I wrong about that?

No, liuping answered for me. You need to have $7500 in taxes to get the full amount.

 

[jlucero]

my accountant is asking about the following certificate? anyone know anything about this? (in the green box)

 

[S3XY]

AMT does not effect the EV tax refund, but not everyone has $7500 in tax liability.

It's not a credit, so if you don't owe that much tax in the year, you will not get the full $7500.

I think what you mean is that it's not a refundable credit, i.e. if your tax liability is less than $7500 (say $6000) you do not get a refund check for the difference ($1500).

 

[PatD]

You have owe at least $7500 in taxes. Not to be confused with refund or payment at the end of the year.

For example line 47 of your 1040 tax form must be > $7500

If someone has this problem (Is driving a Model S and doesn't owe at least $7500 in taxes), please forward me your tax accountant's number ASAP!

 

[Config]

Can you take this $7.5K credit in addition to the 30% rebate for home PV installs?

 

[gizmoboy]

Can you take this $7.5K credit in addition to the 30% rebate for home PV installs?

Yes!

 

[smsprague]

Is the 30% PV install credit available for 2015 tax year

 

[Config]

Is the 30% PV install credit available for 2015 tax year

Yes and until 2016 supposedly.
Residential Renewable Energy Tax Credit | Department of Energy

 

[smsprague]

Does anyone know if the 30% credit is available for the installation of a electronic vehicle charger or did it end in 2014.

 

[Modeler]

If someone has this problem (Is driving a Model S and doesn't owe at least $7500 in taxes), please forward me your tax accountant's number ASAP!

Actually, it's pretty easy to get yourself in a situation where you don't owe $7500. It is not about your total taxes, but the mount you owe at the end of the year. If you were not under withholding, you would not have an amount to pay. I ended up cancelling my Q4 estimated tax payment completely to ensure I have over $7500 still to pay come April 15.

 

[mmccord]

Actually, it's pretty easy to get yourself in a situation where you don't owe $7500. It is not about your total taxes, but the mount you owe at the end of the year. If you were not under withholding, you would not have an amount to pay. I ended up cancelling my Q4 estimated tax payment completely to ensure I have over $7500 still to pay come April 15.

This is incorrect. It is about the amount of taxes you pay, not the amount you owe in April.

 

[Max*]

Actually, it's pretty easy to get yourself in a situation where you don't owe $7500. It is not about your total taxes, but the mount you owe at the end of the year. If you were not under withholding, you would not have an amount to pay. I ended up cancelling my Q4 estimated tax payment completely to ensure I have over $7500 still to pay come April 15.

This is completely incorrect.

[Setting fees aside, and oversimplifying it] you need to pay uncle Sam $12. You can pay $1/month off your paycheck and owe nothing in April, or you could pay $3/paycheck and get a refund of $24 in April. Or you could pay $0/paycheck and owe $12 in April. In all 3 cases you pay the same amount of taxes. It wouldn't be logical or fair to say that you can only file for the car tax credit if you underpaid your taxes throughout the year.

It's definitely dependant on the amount of taxes you NEED to pay, and not on what you ALREADY paid.