I hate this topic... Taxes

[Elliott P100D]

Has anyone ever got 7,500 tax credit, and if so... How?

Admittedly, I am using an Amazon digital download tax software... might that be why I only get about 2,000 credit on a 6,000 tax bill?

Thanks!

 

[Saghost]

I got it for my Volt several years ago using TurboTax, and my Taxes have been accepted this year with the full $7500 for my X.

You need to have enough liability and AMT can sometimes get in the way for some people, but it's not that hard generally.

 

[Elliott P100D]

So, if my income tax liability is 6,000 and I get credit of 2000 approx. from H&R block software... I should use different software?

 

[patrick40363]

Yes.2 years ago.

 

[JasJ]

...You need to have enough liability and AMT can sometimes get in the way for some people, but it's not that hard generally.

Not true.. See last Question
Energy Incentives for Individuals: Questions and Answers

 

[Saghost]

So, if my income tax liability is 6,000 and I get credit of 2000 approx. from H&R block software... I should use different software?

It sounds like. I tried H & R Block tax software a decade or so ago and it was a mess then - pretty much just an automated way to fill in the forms if you already knew what to put everywhere. It might be better now, I don't know.

 

[Saghost]

Not true.. See last Question
Energy Incentives for Individuals: Questions and Answers

Interesting. I don't make enough for AMT to be an issue, but I've read about it impacting EV credits for lots of people on a few forums, so I suspect that 2009 ruling hasn't been well publicized.

 

[deonb]

So, if my income tax liability is 6,000 and I get credit of 2000 approx. from H&R block software... I should use different software?

How do you have a P100D and only have a $6000 income tax liability?

Do you mean additional taxes due in April? (Over and above what you paid throughout the year?)


(There of course may be actual reasons for this, e.g. retirement, but it helps for the sake of this specific question to just be clear which scenario you mean).

 

[kort677]

stop cheaping out on your tax preparation. some low end software that you bought to save a few bucks apparently isn't sophisticated enough to do complex returns.
that said. in order to obtain the tax credit you need to have a tax liability, could it be that you don't have enough of a liability this year? if so I believe you can carry forward the credit.
you might want to consult a professional tax planner for a more complete assessment.

 

[Elliott P100D]

I am going to use other methods of filling out the tax forms, I am also going to call a tax professional to reach a desired result.

Thank you all for your assistance!

 

[gabeincal]

Turbotax got it for me.

 

[Skotty]

Back when we bought our Volt in 2012, we got the $7500 tax credit, but some of the available tax software programs at the time could not handle the credit properly. Assuming you had at least $7500 tax liability, If you can't figure out how to get the credit properly, try a different tax program.

BTW, how close is the Chevrolet to meeting the production cap on the full $7500 credit? Have to take that into account also, whenever they reach that point (applies only to Volt/Bolt buyers).

 

[Elliott P100D]

Thanks... Turbo tax gets moved to the top of the pile!

 

[Max*]

+1 on Turbo Tax. I used it last year (2 years ago?) to get the tax credit. Got the full amount, easy-peasy.