Turbotax and 2017 credit

Discussion in 'Prime Main Forum (2017-Current)' started by stuyguy, Dec 31, 2017.

  1. stuyguy

    stuyguy Active Member

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    Bought Turbotax 2017 deluxe with state, input required info, and both the $4502 credit for feds and $5000 for Colorado come through. Need to input year/make/model, VIN, purchase date, date placed in service, price, GVWR, battery capacity, etc. Can't wait to file taxes next year
     
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  2. 4rpr15

    4rpr15 Senior Member

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    What do enter for battery capacity? Anything else that we have to watch for.
     
  3. stuyguy

    stuyguy Active Member

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    Battery = 8.8. No surprises at all
     
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  4. Waterobert

    Waterobert Junior Member

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    For the first time in my life I am exited about filing taxes. As soon as I will get my W-2 I will get on it instead of waiting until April.
     
  5. Salamander_King

    Salamander_King Senior Member

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    Unfortunately, my W2 will not be ready until the end of Jan. One more month to wait out.
     
  6. Sid786

    Sid786 Active Member

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    Are the new tax codes and law already incorporated in Turbotax 2017 deluxe. Or the new tax code will only take into affect in the next year tax software.
     
  7. ct89

    ct89 Active Member

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    As far as I understand, the new tax code changes only effect 2018...Not 2017.
    The existing TurboTax should cover everything you need to file this April.
     
  8. Sam Spade

    Sam Spade Senior Member

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    NO. He is talking about filing his 2017 taxes.......which he will do sometime early in 2018.
    The recent tax changes have NO bearing on this.
     
  9. wjtracy

    wjtracy Senior Member

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    As Sam said, this is for 2017 taxes. Also there was no change in the plug-in tax credit, so as far as we know, the same Form 8936 that has been there since 2012, the same form will be there every year's Turbo tax for many future years and since about 2012. Unless of course....more changes, which I do not expect right now

    It would be nice but way too early to expect a software program for estimating 2018 taxes, so we could plan for the upcoming year.
     
    #9 wjtracy, Jan 1, 2018
    Last edited: Jan 1, 2018
  10. Cwitt

    Cwitt New Member

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    Does anyone from Colorado know if there are any lenders who have taken assignment of the tax credit and reduced the loan by $5,000? The law allows for that but my dealer hasn’t seen any lender that has done it.
     
  11. wjtracy

    wjtracy Senior Member

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    I assume you are saying Co. lenders are allowed to take the $5000 State of Co. tax credit into the loan, in addition to Fed Tax credit, to reduce lease costs.$4502 + $5000 by $9502.
     
  12. Cwitt

    Cwitt New Member

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    The Colorado credit is assignable to a lender. I don’t think the Federal credit can be assigned. Unless there are lenders willing to take assignment though, it doesn’t really help. I ordered my Prime in early October and it was supposed to arrive in December but it didn’t get here. I’m hoping to not have to wait over a year to benefit from the credit.
     
  13. stuyguy

    stuyguy Active Member

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  14. JimN

    JimN Let the games begin!

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    The Federal credit belongs to the purchaser of the car. A lender can not claim the credit.
     
  15. wjtracy

    wjtracy Senior Member

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    Right I thought the lessors could take take the fed credit, since they are purchasing the car. So I assumed we were talking about leasing a Prime...otherwise I never heard that a lender could
     
  16. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    It is not clear whether we are talking about a car loan (lender), or leasing. I don't know anything about the lending situation, but the leasing company is owner of the car, and is the one entitled to take the federal credit. It is up to the one who leases the car to negotiate with the leasing company to come up with terms that account for the credit the leasing company is getting. And all this applies only to the federal credit. The rules for state credits are whatever they are.
     
  17. JimN

    JimN Let the games begin!

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    from http://www.leg.state.co.us/CLICS/CLICS2016A/csl.nsf/fsbillcont3/D29A1044569D6D5987257F2400642E3F?Open&file=1332_rer.pdf

    "Allows a taxpayer to assign the income tax credit to a financing entity and thus forfeit the right to claim the tax credit on the taxpayer's tax return in exchange for the full nominal value of the income tax credit, minus an administrative fee not to exceed $150"

    Apparently the state credit is refundable but I haven't verified that. Our members from Colorado will know.

    Colorado taxpayers buying out of state just need to claim the credit on their tax return.
    ---
    The person entering into a lease can now claim the credit directly instead of having to negotiate a lower monthly payment.

    I don't see the advantage for a lender to claim the credit under the new law unless they are that hard up for $150. I don't see the advantage to the purchaser of assigning the credit. Perhaps someone from Colorado can enlighten us.
     
  18. Qmo

    Qmo Member

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    Worked on my tax with TurboTax today and on the Smart Check step, it says:

    "we can't file your return just yet because the government is still working on finishing up certain tax forms that are in your 2017 tax return."

    The form that listed was Qualified Plug-in Electric Drive Motor Vehicle Credit"
    Available to File by Mail/E-File is 2/23/2018.
     
  19. bill188

    bill188 Junior Member

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