Alternative Fuel Vehicle Refueling Property Credit

[derekt75]

Can someone explain to me in English what this credit (Form 8911) does?
TurboTax makes it pretty clear that my credit will be zero, but I'm curious about why.
Is it because I'm not using it for a business vehicle?
Or is it because the installation cost is low ($650)?
Or is it because I pay AMT (because I live in a state with high tax rates)?

I tried fooling TurboTax into thinking I didn't owe AMT (by telling it my mortgage interest was $150k), but I still didn't get a credit.


any thoughts?

 

[aviators99]

Can someone explain to me in English what this credit (Form 8911) does?
TurboTax makes it pretty clear that my credit will be zero, but I'm curious about why.
Is it because I'm not using it for a business vehicle?
Or is it because the installation cost is low ($650)?
Or is it because I pay AMT (because I live in a state with high tax rates)?

I tried fooling TurboTax into thinking I didn't owe AMT (by telling it my mortgage interest was $150k), but I still didn't get a credit.


any thoughts?

I'm not sure that TurboTax is treating it correctly, as there is some talk around the web regarding this. Based on my limited understanding, it is not supposed to be limited by AMT (technically, speaking), but on the TMT (Tentative Minimum Tax). I *think* that the TMT is figured as part of the process of figuring the AMT, but is an intermediate step. It may, therefore, not help for you to raise the mortgage interest.

If you figure this out, please let us know.

 

[Beavis]

I believe the Refueling Credit does not offset AMT. The credit for the purchase of the car does offset AMT.

 

[montgom626]

I thought if you are subject to AMT, you do not get the credit.

 

[Beavis]

We are talking about 2 different tax credits from 2 separate IRC sections. The credit for refueling property is IRC Sec. 30C and the credit for new electric vehicles is IRC Sec. 30D. I recall that if you follow the trail in the Code, the refueling credit does not offset AMT but the electric vehicle credit does. It has been a while since I looked at it. Standard disclaimer: consult your tax advisor!

 

[montgom626]

We are talking about 2 different tax credits from 2 separate IRC sections. The credit for refueling property is IRC Sec. 30C and the credit for new electric vehicles is IRC Sec. 30D. I recall that if you follow the trail in the Code, the refueling credit does not offset AMT but the electric vehicle credit does. It has been a while since I looked at it. Standard disclaimer: consult your tax advisor!

That is my understanding too. If you subject to the AMT, no EVSE credit. The EV credit is not impacted by AMT.

 

[aviators99]

I am not subject to the AMT in 2012, but Turbotax still will not give me the EVSE credit. The TMT also comes into play, but I have not figured that out yet. It's also possible that Turbotax is wrong.

 

[William13]

I believe that Turbo tax may not support that form.

 

[montgom626]

I believe that Turbo tax may not support that form.

Turbotax has the form.

 

[derekt75]

Turbotax has the form.

I wonder if it's doing the right thing with the form, though.
I pay AMT, so I'm not going to investigate any further, but for fun, I tried to tell TurboTax that I didn't owe AMT, and it still didn't give me a discount. That doesn't jive with the way I read the form. Of course, I think the form is written in such a way to deliberately be confusing.

 

[Beavis]

Tax forms deliberately confusing? Not possible.

 

[Todd Burch]

Just finished my taxes the other day. When checking my return for errors, Turbotax kept telling me that the date I placed my Model S into service had to be before some date in 2010 in order to get the $7500 rebate. I knew I was right and it was wrong, so I just acknowledged the error and moved on.

Point is, it's clearly not unheard of for TurboTax to have some substantial bugs.