Tax credits extended for home EV Charger installations

[Ferengii]

Saw this article on Elektrek:

https://ww.electrek.co/2019/12/18/u...s-motorcycles-fuel-cells-again-retroactively/

Does anyone know how the credit is calculated, or what IRS form is used? Or if there are limits?

 

[WilliamG]

Was coming here to post about this. Super awesome. I wonder if it includes the purchase of the HPWC?

 

[Rottenapplr]

In for more info. So will news 14-50 install qualify? I installed one in may 2019.

 

[BodegaBay]

In for more info. So will news 14-50 install qualify? I installed one in may 2019.

Anything related to installing hardware for charging (HPWC, NEMA install, etc) an EV would qualify. You can claim up to the 30% to write off.

 

[aspec818]

I installed one in January 2019. I can claim some credits on the next tax return?

Edit- sounds like you may need to file an amendment

 

[boaterva]

Posted elsewhere about this. I’d let your software handle it for 2019 and wait for a form update for the other years (and you will have to amend, not a big deal). But don’t get your hopes up though, this credit seems to be AMT limited. I plugged it into TurboTax in 2017 and got $0. If you have high mortgage or state taxes, be prepared.

YMMV of course.

Edit: yes, it covers all cost of installing an EVSE/charger. I installed the dual HPWCs in my sig, over $3K, credit should have been the max of $1K. Reduced to 0 by AMT. . Whether anything has changed from the recent tax changes, who knows. Have to have someone who installed in 2019 try it out!

 

[dmurphy]

Posted elsewhere about this. I’d let your software handle it for 2019 and wait for a form update for the other years (and you will have to amend, not a big deal). But don’t get your hopes up though, this credit seems to be AMT limited. I plugged it into TurboTax in 2017 and got $0. If you have high mortgage or state taxes, be prepared.

YMMV of course.

Edit: yes, it covers all cost of installing an EVSE/charger. I installed the dual HPWCs in my sig, over $3K, credit should have been the max of $1K. Reduced to 0 by AMT. . Whether anything has changed from the recent tax changes, who knows. Have to have someone who installed in 2019 try it out!

Given how hard I’ve been hit by the limit on the SALT deductions, I’ll take anything I can get.

That said, last year’s tax changes resulted in many, many, many less people being subject to AMT. Here’s an interesting chart showing how many fewer households are paying AMT.

All this is to say - don’t write off that write off, even if you’ve been stuck with AMT in the past. For many households (mine included) that have been hit with it before; it’s much less of an issue than years past.

 

[srs5694]

I’d let your software handle it for 2019 and wait for a form update for the other years (and you will have to amend, not a big deal).

FWIW, when I filed my 2016 taxes, H&R Block did not include the relevant form on their software. (I don't recall what form it was, offhand.) I had to download a PDF, fill it out manually, enter an override into the H&R Block software, print it out, and file by snail-mail. I have no idea if they've since added the relevant form; but it's worth researching and checking this detail. A friend of mine, who also installed an EVSE in 2016, reported that TurboTax did have the necessary form at that time.

 

[boaterva]

FWIW, when I filed my 2016 taxes, H&R Block did not include the relevant form on their software. (I don't recall what form it was, offhand.) I had to download a PDF, fill it out manually, enter an override into the H&R Block software, print it out, and file by snail-mail. I have no idea if they've since added the relevant form; but it's worth researching and checking this detail. A friend of mine, who also installed an EVSE in 2016, reported that TurboTax did have the necessary form at that time.

Yep TT seems to be more current with forms. And glad to see AMT is less of a problem. Too bad I can’t go back and amend my 2017 return under current rules.

 

[Rottenapplr]

Ok so how do I claim this then? When I file taxes?

 

[boaterva]

Ok so how do I claim this then? When I file taxes?

Yes. It a federal tax credit. As we said, your tax software will guide you through it. There’s always a question about energy saving items.

 

[Rottenapplr]

Ok got it!