Question

I took delivery of an electric vehicle in June 2019. The federal credit should be $3750. Turbotax doesn't seem to be calculating the credit correctly.

Forum|Forum|6 years ago
February 22, 2020
1 reply
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I deleted and re-added the record for the car in Turbotax. In Your Credit Results, adjusting the Credit Amount to $3750 seems to inadvertently change what Turbotax calculates to $1875. Adjusting the Credit Amount to zero or null reappears as $7500 in Credit Amount when going back to the same screen. Seems like a glitch.

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A

AnnetteB6

Be sure that you do not change the maximum credit amount shown on the screen, otherwise the calculation will not be correct.

Here is the explanation:

TurboTax will calculate your maximum credit based on the details entered for your vehicle and any applicable phase-out based on the purchase date.

On the screen where it shows the amount of credit you qualify to receive, the box at the bottom of the page is showing the maximum credit that would have been allowed for your vehicle had a phase-out not applied. Your credit may be limited by the phase-out. If you change the number on that screen, your credit will not be calculated correctly.