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Filing Tax Returns & EV Credits

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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
I looked it up and mortgage interest is still deductible, although there's more limits if you loan was taken out after 2017. In my case (Despite the turbo tax warning, and confusing me) I think I just benefit more from the standard deduction of 24k. I owe less than 200k on my house. Turbo tax isn't adjusting my federal return because the standard deduction is still higher than my first and second mortgage interest amounts. Property tax isn't really a deduction anymore since I likely hit the 10k in taxes just out of state income tax, so instead of being able to deduct income tax and property tax and mortgage interest many in CA will hit the 10k limit just off their income tax, and you take a hit on not being able to claim property tax in addition.

But if you have a huge loan (huge to me) of like 750k then you will likely still itemize, since you pay so much in interest.

I think the turbo tax warning comes up if have hit or hit the 10k limit when you enter the information, because you hit the 10k limit before or with your property tax. It has nothing to do with mortgage interest. It's just not a clear warning message which parts of the information you entered are exceeding your limit.
 
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I looked it up and mortgage interest is still deductible, although there's more limits if you loan was taken out after 2017. In my case (Despite the turbo tax warning, and confusing me) I think I just benefit more from the standard deduction of 24k. I owe less than 200k on my house. Turbo tax isn't adjusting my federal return because the standard deduction is still higher than my first and second mortgage interest amounts. Property tax isn't really a deduction anymore since I likely hit the 10k in taxes just out of state income tax, so instead of being able to deduct income tax and property tax and mortgage interest many in CA will hit the 10k limit just off their income tax, and you take a hit on not being able to claim property tax in addition.

But if you have a huge loan (huge to me) of like 750k then you will likely still itemize, since you pay so much in interest.

I think the turbo tax warning comes up if have hit or hit the 10k limit when you enter the information, because you hit the 10k limit before or with your property tax. It has nothing to do with mortgage interest. It's just not a clear warning message which parts of the information you entered are exceeding your limit.

That makes sense. Our property taxes were $6800 alone. Factor in sales tax and such and I’m sure the 10k was hit easily. Our itemized ended up being like 24,450 so slightly more than the standard deduction.
 
Has anyone received their refunds yet? I filed on Jan 31st, but am still waiting for my Federal refund. I assume it's because of a shutdown-related backlog, but does anyone know if the EV tax credit triggers some kind of manual review to prevent fraud? The IRS site says it should be processed in 21 days, but I've never seen it take this long before so I was just curious.
 
Has anyone received their refunds yet? I filed on Jan 31st, but am still waiting for my Federal refund. I assume it's because of a shutdown-related backlog, but does anyone know if the EV tax credit triggers some kind of manual review to prevent fraud? The IRS site says it should be processed in 21 days, but I've never seen it take this long before so I was just curious.

It’s only been two weeks. In the past I’ve usually got mine in about 17-21 days.
 
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Has anyone received their refunds yet? I filed on Jan 31st, but am still waiting for my Federal refund. I assume it's because of a shutdown-related backlog, but does anyone know if the EV tax credit triggers some kind of manual review to prevent fraud? The IRS site says it should be processed in 21 days, but I've never seen it take this long before so I was just curious.

I am pretty sure the Tax Credit is delaying our refunds. My mother and I filed our taxes on the same day (we use the same accountant) and she already received her refunds a week ago. I received my state refund back, but my federal is still pending according to the IRS website. I filed on the 5th.
 
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I am pretty sure the Tax Credit is delaying our refunds. My mother and I filed our taxes on the same day (we use the same accountant) and she already received her refunds a week ago. I received my state refund back, but my federal is still pending according to the IRS website. I filed on the 5th.

It looks like mine was finally approved. For anyone else interested, you can check the status here. I was just curious if anyone knew if the EV tax credit fell into the same category as the earned income tax credit (EITC) or the additional child tax credit (ACTC) which can specifically delay your refund as described here. Since I don't see any websites mentioning it, I'm thinking it was just the shutdown. I actually owed a little for state taxes and they collected that immediately. This was just the longest I've ever seen a refund take.

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It looks like mine was finally approved. For anyone else interested, you can check the status here. I was just curious if anyone knew if the EV tax credit fell into the same category as the earned income tax credit (EITC) or the additional child tax credit (ACTC) which can specifically delay your refund as described here. Since I don't see any websites mentioning it, I'm thinking it was just the shutdown. I actually owed a little for state taxes and they collected that immediately. This was just the longest I've ever seen a refund take.

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When did you file?

We filed via TurboTax about 2-3 weeks ago (about 8 days before 3 week shutdown deadline).
Still nothing yet. Usually it shows up in about a week, if there is a credit. But usually we wait until early April to submit.

I wonder if TurboTax has that same detail of when the credit is due to the bank?
 
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When did you file?

We filed via TurboTax about 2-3 weeks ago (about 8 days before 3 week shutdown deadline).
Still nothing yet. Usually it shows up in about a week, if there is a credit. But usually we wait until early April to submit.

I wonder if TurboTax has that same detail of when the credit is due to the bank?

I filed on Jan 31st using Turbo Tax. You can use that IRS website to check your refund status regardless of who you filed with.
 
It looks like mine was finally approved. For anyone else interested, you can check the status here. I was just curious if anyone knew if the EV tax credit fell into the same category as the earned income tax credit (EITC) or the additional child tax credit (ACTC) which can specifically delay your refund as described here. Since I don't see any websites mentioning it, I'm thinking it was just the shutdown. I actually owed a little for state taxes and they collected that immediately. This was just the longest I've ever seen a refund take.

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Great info, thanks for posting!
 
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Yes. Does anyone else have another example besides @Tams? His is for a model X. I'm looking for a Model 3 that I got last year.

Well I used turbo tax and it asked for like 4 pieces of info, purchase price (I think), weight, date placed into service (delivery date) and VIN

I know if you’re doing a physical sheet there might be calculations involved.