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Discussion in 'Model S' started by CPD2601, Feb 28, 2016.
Any thing i should expect or prepare for from you all experienced $7500 tax credit getters?
Solo, tax professional or software?
Any other relevant info like personal or business return?
If it's just a straight-forward return and you have more than a $7500 tax liability, I think the consensus would be that you'll be fine as long as you follow the rebate form instructions.
Just did TurboTax today. You have to search through their long list of deductions to find the Energy Efficient Vehicle entry. It requires you to enter your VIN, purchase date and amount, and gross weight (must be less the 14,000 lbs to qualify, so no problem). Make sure you write off your sales tax and registration fees if your state allows it.
In writing off my sales tax I discovered that Tesla fat fingered the tax amount and charged me $50 more than they should have. Working to get that refunded.
My tax guy took a few minutes to fill out the right lines on his app, first one that he did. His app required the battery capacity in order to recognize the $7500 credit.
I've never heard of anything like that. Are there any such tax considerations that people know of in Canada?
Tax guy, (sorry should have put that). Just a little nervous about him saying there is not $7500 credit. I've printed every thing i have so fingers crossed. Thanks everyone
My tax guy told me that the rebate is still in draft form and has not been officially adopted. He told me my rebate will be somewhere between $2500 and $7500 depending on the final draft.
I went through Turbotax over the weekend myself, and entered everything except a K-1 that is still outstanding. No issues at all. As is the case for most, I didn't get any credit for the charger install, as it's eliminated by AMT, even though I don't pay AMT. One annoyance about Turbotax is it didn't carry over the car info to the state return for the state credit ($6K in Colorado, even if your tax burden is less than that!) I had to re-enter it.
It is time to fire your tax guy. I've already filed my taxes with Turbo Tax and my refund is scheduled to be deposited on 3/2. It is quite amazing how many paid professionals can't figure out things that are easily handled by ~$50 DIY tax software.
I did mine through TaxAct but couldnt find the EV deduction so i did it in TurboTax and found it. Unless you have lots of complicated tax issues, I would recommend using software. Unfortunately for me, the tax credit only but a small dent in how much i have to pay....sigh
I claimed it last year. I don't use any software, I fill out the forms "manually" on freefilefillableforms.com. The form is simple, I got my $7,500 deduction and no audit.
After much back & forth checking rules and regs and searching everywhere for the EV credit info... my accountant finally figured out how and where to find the Tesla 7500.00 credit.
First, he tells me (on his computer software) the the Vin # automatically calculates the $$. Then he laughed, it turned out that the on the very last page of the computer form he uses, the credit is automatically applied.
Hope this helps you all.
Fire him. I got my refund on Friday. Full $7,500.
I did mine on Taxact, and had to find the form for the car. Filed it, and it took about 3 weeks to get the refund. Got it last Friday.
So this is weird. Just got my purchase order for my Model 3 and the sales tax was AGAIN $50 over the 6% FL tax rate. Tesla refunded the $50 overcharge on my Model S sales tax. I'll have them adjust before paying for M3. Quite a coincedence. Have any other Florida buyers seen this?
Not sure I understand. I've used Taxact for years. I never needed help. What a surprise.
Taxact failed last month and I found the IRS instructions said: "DRAFT until March 1st".
I tried again today and wasted hours on Taxact. They say Chat or Call. There is no chat! Really, there's no support at all. Calling gave me a 42 min wait estimate. I quit after almost 2 hours. I'll continue to call and leave the phone lay. I don't pay for voice calls. Maybe they'll answer sometime.
I'm confused. the IRS has the form.
But the IRS Instructions still say "DRAFT".
I think I'll try Turbo tax tomorrow.