TurboTax and EV Tax Credit

Discussion in 'Prime Main Forum (2017-Current)' started by mr88cet, Jan 19, 2018.

  1. mr88cet

    mr88cet Senior Member

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    Do any of you know whether TurboTax knows how to, or just simply *knows to*, fill out the forms for the P.Prime’s $3500 Tax Credit?

    I *think* I recall, back in 2009, it knew to ask the right questions regarding our regular-Prius purchase. (Now the answer (again IIRC) was that that discount only applied to US-made hybrids. However, it was “smart” enough to know to ask those questions, again, as best I can recall at least...
     
  2. Dm84

    Dm84 Member

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    It's $4,502 and yes, TurboTax asks the right questions.
     
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  3. mr88cet

    mr88cet Senior Member

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    Excellent! Thanks.

    iPhone ? Pro
     
  4. Mark57

    Mark57 Senior Member

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    Yes, and I gave the correct answers to get the max credit using Turbo Tax here in previous posts.
     
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  5. wjtracy

    wjtracy Senior Member

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    Yes I use all the time for sample calcs, even though I do not have a plug-in.
    As far as "hacking" Turbo-tax for a hypothetical plug-in purchase, any VIN will do.
    Have not tried 2017 TurboTax yet...I assume no changes
     
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  6. JTPRO

    JTPRO Junior Member

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    I did my taxes a few days ago with Turbo Tax and the Tax Credit form 8936 was built into the system. I was able to get the full $4502 tax credit. The only keeping me from filing now is waiting for the IRS to finalize form 8936, which has an estimated approval date of 2/1/2018.

    -JT
     
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  7. huskers

    huskers Senior Member

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    It is like Xmas time all over again !!!
     
  8. Gianni I

    Gianni I Member

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    Wanting to make sure I fill out my taxes correctly when I do my taxes. I qualify for the max credit due to the amount of taxes I pay per year. If I understand correctly, when filing my taxes, say I would normally get a $1,000 refund, having the tax credit for the Prime would bump me up to a $5,500 refund, correct? If I would owe $1,000 after filing taxes (before putting in purchase of the prime), I would in fact get a refund of $3,500. Is that right?
     
  9. mr88cet

    mr88cet Senior Member

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    It’s a tax credit, so that’s my understanding, yes.

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  10. Since2002

    Since2002 Senior Lurker

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    I have TurboTax 2017 and although I don't have a Prime I entered the information just to see how it works. It's in the area for Deductions & Credits, Cars and Other Things You Own, Energy-Efficient Vehicles.

    It asks: "What type of alternative energy vehicle did you buy in 2017?" with one of the choices being "Plug-in Electric Drive Motor vehicle (Four-Wheeled Electric, Plug-in Hybrid Electric Vehicle or Certain Two-Wheeled Vehicles.) For example: Chevy Volt, Nissan Leaf, Tesla Model S."

    It then asks you to select the year of your plug-in electric drive motor vehicle (it lists 2010-2018 as choices)

    It then asks several more questions but only verifies some of it, for example it expects a properly formatted 17-character VIN, it wouldn't accept 17 random characters, however it's not checking if it's a qualified VIN, or even checking if the model name that you enter qualifies. In fact I entered the VIN for my 1992 Camry wagon, and I entered Camry as the model and it told me congratulations I qualify for the $4,502 credit. Hurrah! :) Although presumably the IRS will be checking this later so be sure to enter this information correctly since TurboTax isn't verifying if it's right.

    It did balk however if I entered a purchase date or in-service date in 2018, for example purchase 12/31/2017, in-service 1/1/2018. I remember this question came up last year from someone purchasing end of year and having the car shipped with delivery occurring after January 1st. Form 8936 only asks for the in-service date but TurboTax also asks for purchase date for some reason even though Form 8936 doesn't.

    It asks for battery capacity and it calculates the credit from that. If I entered 8.8 kWh the credit was $4,502. If I entered 4.0 kWh the credit was only $2,500. So be sure to enter the correct battery capacity as it's not calculating it from the vehicle type.

    It asks for gross weight but only balks if you enter 14,000 or more (which is per the IRS regulation)

    It asks for cost, I entered $10.00 and it accepted that, not sure why it's asking for the cost

    I enjoyed briefly seeing my refund increase by $4,502! Maybe next year.
     
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  11. mr88cet

    mr88cet Senior Member

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    I noticed that they appear to have several ... “trim levels” (haha) ... of TurboTax: Premier, Self-Employed, and TurboTax Live. I presume Premier has the appropriate options?


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  12. Dm84

    Dm84 Member

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    Yes, Premier has the EV tax credit forms.
     
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  13. Pdog808

    Pdog808 Active Member

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    Are you saying we need to wait for some kind of response from the IRS on form 8936?
     
  14. mr88cet

    mr88cet Senior Member

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    I presume JTPRO is saying that the IRS hasn’t quite finalized the 2017 version of that form, and/or Intuit hasn’t quite finalized their TurboTaxification of that form.

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  15. JTPRO

    JTPRO Junior Member

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    You are correct. TurboTax says the form 8936 will be finalized by 2/1/2018.
     
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  16. stuyguy

    stuyguy Active Member

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  17. wjtracy

    wjtracy Senior Member

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    That wild I wonder why the delay? I could not get TT at my Walmart yet.
     
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  18. Mark57

    Mark57 Senior Member

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    The delay is at the IRS. It's still in draft format, not released yet.
     
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  19. wb9tyj

    wb9tyj 2017 Prius Prime Advanced

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    Now the delay is feb 23,2018...Typical govt cluelessness...
     
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  20. Andyprius1

    Andyprius1 Senior Member

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    I’m using Tax Hawk and my Fed credit was declined because of VIN #, no details. Should hear from them tomorrow. The only aspect I’m concerned about is, the car was purchased in Dec 2016, that date may be within the Vin. I had assumed that since the model was from 2017 then I should be eligible with year 2017 Taxes. Is that correct? TY
     
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