EV Credit, TurboTax, & the IRS

[neroden]

advice from a twenty year tax CPA, always file Form 6251 even if not subject to AMT. It helps avoid a lot of questions.

I usually don't but I'm usually nowhere in the ballpark. I guess I should do it this year.

Additional advice, always file with paper forms until you are forced to file electronically.

Always do. Much easier to keep verified copies that way. 'Course I don't use software, either, don't trust it since some bad experiences in the 1990s.

 

[yobigd20]

I started checking the IRS "where's my refund" website. Initially it didn't provide me any real info (won't discuss that) but last week it finally showed that I would be getting a deposit soon. However, it was for a lot less than what I had submitted. As it was the weekend, I couldn't call the IRS and the website didn't provide any info as to why the number had changed. So I dug a bit, and ran some number -- and it was clear that they had removed the EV credit. More research and I discovered that the form 6251 hadn't been included in my return. Form 6251 is for AMT and since I didn't have to pay AMT - TurboTax ddn't generate that form. Form 8396 (the one for EV credit) instructions don't mention needing the AMT 6251 in all cases - you will find that requirement in the instructions for the 6251 .

It seems like the online version of Turbo Tax won't append your AMT calculation sheet, which is required to take the EV credit. If Turbo Tax is appending the AMT sheet (6251) then it appears you are fine. If Turbo Tax isn't attaching that form then you get docked the $7500, and get the hassle of fixing your return to get the EV credit.

Basically before you file, check to see that you are submitting Form 6251 (AMT). If you don't have that then get it before you file.

FWIW, I filed on March 8th and received my rebate (include $7500 EV rebate...deposit confirmed!) on March 19th and I *DID NOT INCLUDE* form AMT 6251.

 

[Nathan Smith]

As I mentioned earlier, I am officially speculating on what the problem was... I still have not received my CP12 notification. Having talked with the IRS guys a couple of time, the only thing I have learned for sure is that they have 30 days to get this form to you.

But here for your reading pleasure... EV Tax Credit and AMT/TMT - Google Drive
[url]http://gm-volt.com/forum/showthread.php?39153-Final-Word-on-AMT-vs-EV-Credit
[/URL]

 

[glhs272]

FWIW, at this point I am still stuck in no idea what's wrong, irs won't tell me anything mode.

 

[Kraken]

It seems they are learning. I got the full refund, even with my refund being delayed. They said additional processing was required. It was either due to "schedule a" or "schedule d" (I can't remember which) that they looked into it in more detail (according to the rep on the phone). Perhaps they just double checked that I didn't owe AMT because the form wasn't filed.

now just to see if I can get back the $25 I paid to have turbotax direct deposit it since he irs decided it couldn't direct deposit it.

 

[glhs272]

Oh Happy Day!

My remaining refund came through today. Despite the IRS or TurboTax never calling me back to give an explanation of what was wrong or what was going on, it came through.