Question

I only get $436 out of $1875 Energy-Efficient Vehicles credit, Why?

Forum|Forum|6 years ago
February 20, 2020
2 replies
0 views

I got my new Tesla model 3 on 12/30/2019. After I input all info about my car, it said I qualify for only $436. Why is that?

W

whileloop

I am not getting the correct credit either and I'm supposed to qualify for 3750 credit but am only getting half of that. If I override it and put in the full credit of 7500 it seems to apply it correctly but I think that might cause more headaches. It seems they have a bug in their app... Supposedly this is to be fixed by tomorrow, see:

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-ev-credit-for-tesla-3/01/1160768#

hope that helps!

cc: @bwergeles

L

lcrowe

The same thing is happening to me! I have a feeling they are calculating the deduction wrong as 436 is a similar fraction of 1875 as 1875 is to 7500. The irritating thing is I also filed with H&R Block as I got tired of waiting for TurboTax to fix this and they are doing the same thing.

R

rprewer

Same here! I didn't realize what was happening until after I submitted. The form applied the phase-out % of 25% to the 1875.00 but the instructions did NOT say that. I'm not sure how I will get it fixed 😞

K

klehnhardt

Form 8936 - Qualified Plug-in Electric Drive Motor Vehicle Credit has been corrected in TurboTax.

To have the credit calculated correctly we recommend the following steps:

Clear you Cache and Cookies on your computer, (hold down the keys CONTROL, SHIFT, and DELETE at the same time.)
Delete Form 8936 from your return.
Add Form 8936 back to your return and re-enter the information.

To delete a return off of your return you need to:

Select Tax Forms in the Black bar on the left side of the screen.
Select Tools from the drop down menu.
On the Tools Center Select Delete a form.
Locate the form on the list and select Delete.
You will be asked to confirm the deletion.

This process is to clear any residual information and old calculations off the form.

M

mcboler

it is still calculating half the amount based on the month purchased so a January purchase is showing like a July purchase for a Tesla model 3

W

whileloop

@mcboler :

when I filled out the form, the last screen showed a 7K tax credit which I adjusted down to the right amount. This appears to be wrong, do not edit it.

I looked at the form that turbo tax sends over to the IRS and it calculates the phase out too. So in my case it was 7K - 50%. I was worried about it attempting to submit 7K on my behalf but it looks like it only submitted for 3750 as I expected.

of course I wouldn’t take this as gospel, see for yourself and make sure your comfortable submitting it, turbo tax did a dreadful job with this form.