Filing Tax Returns & EV Credits

[ChrisH]

tax brackets and changes have been out for a year. drastically different tax laws this year

everyone knew and should have planned accordingly but many will be in for a surprise

Yep. I had to have additional money taken out of each check to make sure we didn’t owe. Trump’s plan only looks good on the surface lol

 

[e-FTW]

Just in case, here is the updated 2018 form, straight for the IRS: https://www.irs.gov/pub/irs-pdf/f8936.pdf
Found on: Plug In Electric Drive Vehicle Credit Section 30D | Internal Revenue Service
There is a similar page for small business.

 

[Moose408]

I'm still waiting on my accountant to finish my taxes, but I am curious.... Has anyone got their numbers back yet?

How much are you getting back this year, compared to how much you got back last year?

Got a refund last year but owe a fair amount this year. The new cap of $10K on state/property taxes really changed things for me.

 

[ChrisH]

Got a refund last year but owe a fair amount this year. The new cap of $10K on state/property taxes really changed things for me.

Yep. I’m hoping enough people have to owe this year and realize the trump plan was actually not good for them.

 

[redgt]

Two ways to look at it ... the Federal government was giving a subsidy to residents of states with high income tax/property tax. The old tax code was unfair to residents of states with little or no state income tax/low property tax

If you lived in a state with no or little state income tax your federal tax bill more than likely went down this year. The only reason it probably did not is because of the SALT cap mentioned above.

As much as I dislike how the new tax code effects me personally it does make sense why on a Federal level they got it done. Now it is time to put pressure on individual states to lower taxes as well. Unlikely to happen here in CA anytime soon but one can always dream!

 

[wcorey]

I'm anxious to get my taxes filed and usually file as early as possible. Unfortunately it appears that two of the forms I need are still not updated for 2018. These are:

Qualified Plug-in Electric Drive Motor Vehicle Credit (Form 8936): https://www.irs.gov/pub/irs-pdf/f8936.pdf
Alternative Fuel Vehicle Refueling Property Credit (Form 8911): https://www.irs.gov/pub/irs-pdf/f8911.pdf

According to TurboTax form 8936 for 2018 is expected to be available on January 31st, but with the current government shutdown I'm not putting too much faith in this. At this time there is no estimate on when form 8911 will be available for 2018. I'm sure I'm not the only one hoping these forms become available as soon as possible. Figured I'd start this thread so others can ask about filing for these credits.

I filed, I think, Feb 1 or Jan 31st. All necessary forms were available.

 

[ChrisH]

Two ways to look at it ... the Federal government was giving a subsidy to residents of states with high income tax/property tax. The old tax code was unfair to residents of states with little or no state income tax/low property tax

If you lived in a state with no or little state income tax your federal tax bill more than likely went down this year. The only reason it probably did not is because of the SALT cap mentioned above.

As much as I dislike how the new tax code effects me personally it does make sense why on a Federal level they got it done. Now it is time to put pressure on individual states to lower taxes as well. Unlikely to happen here in CA anytime soon but one can always dream!

No income tax in WA. Had to have more taken out of my checks so I wouldn’t owe.

 

[Glamisduner]

Two ways to look at it ... the Federal government was giving a subsidy to residents of states with high income tax/property tax. The old tax code was unfair to residents of states with little or no state income tax/low property tax

If you lived in a state with no or little state income tax your federal tax bill more than likely went down this year. The only reason it probably did not is because of the SALT cap mentioned above.

As much as I dislike how the new tax code effects me personally it does make sense why on a Federal level they got it done. Now it is time to put pressure on individual states to lower taxes as well. Unlikely to happen here in CA anytime soon but one can always dream!

I was bummed I could not deduct my house or solar loan (home equity loan), car registrations, lawyer fees etc. But I made more and and owed less taxes over all. I think because I basically benefited greatly from being married. This is excluding the EV tax credit too. Now I really need to pay off that Solar loan and house since I cannot deduct it!


Anyone know what's up with the Ev Charging station credit? Is that something anyone can claim or only businesses? Currently holding off until turbo tax takes away the "coming soon" on that one.

 

[PoitNarf]

Anyone know what's up with the Ev Charging station credit? Is that something anyone can claim or only businesses? Currently holding off until turbo tax takes away the "coming soon" on that one.

It expired at the end of 2017. Unless congress decides to extend it again, which is highly doubtful, then it is most likely gone for good.

 

[Glamisduner]

It expired at the end of 2017. Unless congress decides to extend it again, which is highly doubtful, then it is most likely gone for good.

That's what i keep reading but turbo tax is listing the forms as coming soon.

 

[redgt]

No income tax in WA. Had to have more taken out of my checks so I wouldn’t owe.

the federal tax rates went down for everyone. you should not have paid more federal tax unless the new laws changed your deductions or credits.

I was bummed I could not deduct my house or solar loan (home equity loan), car registrations, lawyer fees etc. But I made more and and owed less taxes over all. I think because I basically benefited greatly from being married. This is excluding the EV tax credit too. Now I really need to pay off that Solar loan and house since I cannot deduct it!


Anyone know what's up with the Ev Charging station credit? Is that something anyone can claim or only businesses? Currently holding off until turbo tax takes away the "coming soon" on that one.

I am pretty sure that the portion of a home equity loan that was used to improve the home is ok to add to mortgage interest. check with your accountant. Also you still need all the other car registrations etc to itemize for CA

 

[Knightshade]

That's what i keep reading but turbo tax is listing the forms as coming soon.

There are reasons a business might need the form- for example if their fiscal year spans both 2017 (when the credit existed) and 2018 (when it doesn't).... but there is no personal deduction/credit available for the 2018 tax year for this.

 

[Eno Deb]

Two ways to look at it ... the Federal government was giving a subsidy to residents of states with high income tax/property tax. The old tax code was unfair to residents of states with little or no state income tax/low property tax

I disagee. The purpose of the SALT deduction is to prevent the same income from being taxed twice. It has been a corner stone of the tax system since the federal income tax was introduced over 100 years ago (Revenue Act of 1913).

 

[ChrisH]

the federal tax rates went down for everyone. you should not have paid more federal tax unless the new laws changed your deductions or credits.



I am pretty sure that the portion of a home equity loan that was used to improve the home is ok to add to mortgage interest. check with your accountant. Also you still need all the other car registrations etc to itemize for CA

You’re probably right. We likely paid less tax overall (will have to doublecheck). It’s just whatever system decides what amount of $ should be taken from each check made it so I would have owed for the first time ever unless I had additional $ taken out of each check. Fortunately the Tesla means the refund is $7500 more haha

 

[Glamisduner]

the federal tax rates went down for everyone. you should not have paid more federal tax unless the new laws changed your deductions or credits.



I am pretty sure that the portion of a home equity loan that was used to improve the home is ok to add to mortgage interest. check with your accountant. Also you still need all the other car registrations etc to itemize for CA

Yea the issue is that interest on my primary loan caps the 10k maximum right away. So none of my other deductions mattered. However the 24k standard deduction is allot greater than my 10k capped deduction.

 

[redgt]

Yea the issue is that interest on my primary loan caps the 10k maximum right away. So none of my other deductions mattered. However the 24k standard deduction is allot greater than my 10k capped deduction.

that is incorrect

10k cap for state and local taxes (income tax, property type taxes)

additionally you have mortgage interest which is separate. mortgages secured before the new tax law can deduct interest up to $1 million and new mortgages are up to $750,000 (married filing jointly)

you get to add those two numbers together SALT + mort interest

lets say you have a 800,000 mortgage at 4.5% interest which has $36,000 in interest yearly
and you pay over $10,000 in SALT

you have $46000 at least in itemized deductions

 

[Glamisduner]

that is incorrect

10k cap for state and local taxes (income tax, property type taxes)

additionally you have mortgage interest which is separate. mortgages secured before the new tax law can deduct interest up to $1 million and new mortgages are up to $750,000 (married filing jointly)

you get to add those two numbers together SALT + mort interest

lets say you have a 800,000 mortgage at 4.5% interest which has $36,000 in interest yearly
and you pay over $10,000 in SALT

you have $46000 at least in itemized deductions

That is not what turbo tax is telling me. SALT is capped at 10k? perhaps I'm not understanding it right. But all the deductions I entered did nothing after I hit my 10k cap.

 

[redgt]

That is not what turbo tax is telling me. SALT is capped at 10k? perhaps I'm not understanding it right. But all the deductions I entered did nothing after I hit my 10k cap.

they are separate - google it

sounds like you should have a CPA do your taxes

you could be leaving money on the table

how much was your mortgage interest in 2018? I would add first mortgage plus the solar amount on the second as it improved the home

I am not an accountant and you should seek the advice of a CPA

 

[Glamisduner]

they are separate - google it

sounds like you should have a CPA do your taxes

you could be leaving money on the table

how much was your mortgage interest in 2018? I would add first mortgage plus the solar amount on the second as it improved the home

I am not an accountant and you should seek the advice of a CPA

Seems unecessary as I input data into turbo tax from all of my forms. Right after I put in Home interest and property tax I hit a 10k cap. I later filled in my second mortgage interest (It was $12xx) and watched nothing get added to my federal refund. I then put in the car registration deductions and again watch nothing added to my calculated federal refund.

I guess I just still don't have enough deductions even with the house to beat out the 24k standard deduction. When I Zero out my mortgage interest, nothing changes on my federal refund amount either. It must just not be enough to outpace the standard deduction. I don't own an 800,000 home either!

 

[ChrisH]

they are separate - google it

sounds like you should have a CPA do your taxes

you could be leaving money on the table

how much was your mortgage interest in 2018? I would add first mortgage plus the solar amount on the second as it improved the home

I am not an accountant and you should seek the advice of a CPA

I seem to be in the same boat with turbo tax as glamisduner. It’s counting my mortgage interest of $14k toward the $10k cap