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Referral PW 1099's

Discussion in 'Tesla Energy' started by Pale_Rider, Jan 6, 2020.

  1. Pale_Rider

    Pale_Rider Member

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    Hey,

    Just curious if anyone who had received a referral PW prior to 2019 knew approximately what Tesla puts on the 1099s, if they actually end up ever providing 1099s? Do they list the full PW/Gateway/$1000 install credit value or something less? Working on my 2019 taxes and am trying to anticipate what my PW referral I got last summer was going to look like.

    Thanks!
     
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  2. patrick40363

    patrick40363 Active Member

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    You will have to wait and see. Too early for them to send out any 1099's.
     
  3. Pale_Rider

    Pale_Rider Member

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    I guess I wasn’t as clear as I intended, I was specifically asking for inout from folks who had them installed in 2018 since they would have received 1099s last year.
     
  4. zanary

    zanary Active Member

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    from what I understand it’s FMV plus install cost because it’s a federal gift. It has a value greater when what you actually paid for.

    I’m guessing you should use maybe $8000 as an estimate.
     
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  5. MelaniainLA

    MelaniainLA Member

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    Has anyone gotten a 1099 for this?? I never got and my accountant can’t process taxes without.


    I heard that the might NOT issue 1099 because the referral Powerwalls are red, therefore NOT available to the public, and Tesla can simply value them as $0.
    Please let me know! Thanks!
     
  6. zanary

    zanary Active Member

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    If that's true, that's amazing!
     
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  7. Pale_Rider

    Pale_Rider Member

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    I did get a response from Tesla saying they do not give 1099’s for award items only cash awards for folks who took cash instead of powerwalls.
     
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  8. gmtom1

    gmtom1 Active Member

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    Tesla made me submit a W-9 form with my other paperwork for my PW + PV panel install started in December. They didn't finish by 12/31, so I'm not expecting a 2019 1099, but since they took my W-9 info, that would strongly imply they intend to issue a 1099 to me in 2020.

    The PW is clearly a gift/award no different than if you went on a TV game show and won. All game show winners receive 1099s for tangible prizes = MSRP of the prize and almost every contest out there has fine print that says you'll get a 1099 at the end of the year for the estimated value of the prize won.

    Eventually, Tesla is going to have to address this and potentially face a fine/penalty from the IRS for failure to issue/file 1099s in a timely manner. I'm guessing they'll "catch up" once the Roadsters start going out...

    Increase in Information Return Penalties | Internal Revenue Service

    As a taxpayer, you're still responsible for filing an accurate and complete return, regardless of if you didn't receive a 1099. You might be able to argue out of underpayment penalties, but the IRS will probably try to charge interest on the underpayment if/when you get audited and/or Tesla finally catches up and issues everyone their past due 1099s. Perhaps Tesla will do the right thing and also include monetary compensation to everyone for the interest charge on the underpayment of the PW value.

    If I don't receive a 2020 1099 (my PW is being installed this month), I'm planning to go with the estimated retail value that was outlined in my installation contract paperwork - the discount shown on the contract for the "free" powerwall + GW.
     
  9. Pale_Rider

    Pale_Rider Member

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    yeah, I took a swag at the value based on retail and reported that on my taxes. Safest thing to do.
     
  10. MelaniainLA

    MelaniainLA Member

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    One can but, again, because it’s not available for retail sale (red is just for winners), some are arguing that you can value them at $0. Hmmmm.
     
  11. miimura

    miimura Well-Known Member

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    Sure, go ahead and value the red paint at $0. ;)
     
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