Restating EV Credit for Previous Year

Forum|Forum|1 year ago
December 28, 2024
2 replies
0 views

I am working on a previous year's (2022) return that was filed by an accountant who has since retired.

I entered into an agreement to purchase an EV in 2022, but did not receive it until 2023.

The IRS has guidance on this topic here:

https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

but it looks like Turbotax will not allow me to have different dates for vehicle acquisition and service dates. I consulted a TurboTax product advisor before purchasing it and was assured I could do this and file an amended return through the product.

It would appear I cannot. I can put the agreement date in for both placed in service and acquired, but it isn't true.

Deduction

Best answer by AmeliesUncle

@Irridial wrote:
I can put the agreement date in for both placed in service and acquired, but it isn't true.

The law says the for purposes of this credit, you should "treat such vehicle as having been placed in service on the day before the date of enactment of this Act" [Aug. 16, 2022].

NCPERSON1

@Irridial

what was the specific date in 2022 that you entered into this agreement to purchase this vehicle? the rules are different if you entered into the agreement on August 15 or prior versus on or after August 16 of 2022.

https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

Purchase date vs. delivery date

If you entered a written binding contract to buy a vehicle after December 31, 2021, and before August 16, 2022, but took delivery on or after August 16, 2022, you may elect to claim the credit based on the prior rules. To elect the credit under the prior rules you must elect the credit on your 2022 tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return.

If you purchased a vehicle between August 16, 2022 and December 31, 2022 but don't take delivery of the vehicle until 2023, see Credit for new clean vehicles purchased in 2023 and after.

IrridialAuthor

Hello @NCPERSON1 , thanks for responding!

I entered into the agreement before the deadline, and as such I want to change my 2022 returns.

Thanks!

AmeliesUncleAnswer

@Irridial wrote:
I can put the agreement date in for both placed in service and acquired, but it isn't true.

The law says the for purposes of this credit, you should "treat such vehicle as having been placed in service on the day before the date of enactment of this Act" [Aug. 16, 2022].