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EV tax credit and EV charger credit
- Thread starter Jimboy435
- Start date
I had a similar issue when I used TurboTax to file my taxes this year. I did not claim EV credit but I did claim solar tax credit, and my wall charger tax credit showed up as zero. I was not able to figure out how to claim the wall charger tax credit in TurboTax. I'm not sure if this is a bug in TurboTax or if the IRS rules preclude it.
It would be helpful if any tax professionals can weigh in on this.
Looks like IRS rules preclude it, it’s line 15 of form 8911 alternative fuel credit.
Credits that reduce regular tax before the alternative fuel vehicle refueling property credit:
I am not an accountant so there may be a way around it?
SageBrush
REJECT Fascism
charger installation isn't covered by Federal credits.
As far as I know, charger-related fees are local electric utility policies, and vary widely.
as him if he's spoken to anyone there.
Are you sure? I've always read that it is.
"it allows taxpayers to claim up to $1,000 for EV charger hardware and installation"
"the tax credit under the Inflation Reduction Act is 30% of the cost of hardware and installation"
"The renewed credit most notably can be used to finance 30 percent or up to $1,000 — whichever is smaller — of the cost to purchase and install home charging"
SageBrush
REJECT Fascism
by the time you're through, all you've got is a headache.
local utilities seem to make it more straightforward....at least in my jurisdiction.
SageBrush
REJECT Fascism
I've looked at that form before -- all I see is that the EVSE credit is non-refundable
Installation is definitely covered by the federal tax credit.
"Total cost of qualified alternative fuel vehicle refueling property" includes installation.
State-level rebates might also be available, independent of federal rebates. For example, Maryland has an EVSE rebate for 40% of the connector+install cost, up to $700 total (funds currently depleted for the fiscal year ending June 30, but they are typically renewed July 1). Electric Vehicle Supply Equipment (EVSE) Rebate Program
You May Get Federal Tax Credit for Your Home EV Charger
During the 2023 tax season, taxpayers are eligible for a credit of 30% of the hardware and installation costs for EV chargers installed at their homes in 2022. It’s a one-time, nonrefundable tax credit for a maximum of $1,000.
The EV Charger Tax Credit Gets A 10-Year Extension—And A Few Upgrades
A recently expired federal tax break for electric vehicle (EV) chargers got new life under the recently passed Inflation Reduction Act—a move that will give taxpayers up to $1,000 in a tax credit. The section 30C tax credit–officially referred to as the Alternative Fuel Vehicle Refueling Property
www.forbes.com
Yes, I'm a CPA and the cost of the charger installation is included in the costs eligible for the alternative fuel vehicle refueling property credit. However, not everyone can claim the credit. If you are subject to AMT, you cannot claim the credit. I had this issue personally in 2017 when I had my Juicebox installed. Everyone's tax situation is different, so please consult your tax preparer.
SageBrush
REJECT Fascism
In 2017 you were able to accelerate payment of real estate taxes due in 2018 if you were already billed for them in 2017. Many people took advantage of this as state and local taxes became limited to a $10,000 deduction in 2018. State and local tax deductions disproportionate to your AGI usually puts you in the AMT, as well as other tax preference items. In short, rich folks do not exclusively pay AMT.
AMT was a much bigger issue in 2017 than 2018 onward, as the Trump tax bill took effect and the deductions that pushed middle tier tax payers into AMT were mostly eliminated.
nah...people who live in higher cost zips subsidize you. Basically those in NY and CA. It's fine to admit being a bit parasitic, but it's not the fairness you suggest it is. It was an attack on blue states.Hence, people who make a lot more than average people pay more tax?? I like it
But back on topic, the AMT reached well beyond the top quintile of earners because it was sloppy policy. Just like the 2017 tax bill, and the non indexed ACA taxes.
