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February 23, 2024
Question

After filling put form 8936 for EV tax credit, do you have to mail paperwork to the IRS? To get the $7,500 tax credit?

  • February 23, 2024
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1 reply

February 23, 2024

No. The dealer/seller of a new clean vehicle (including a qualified fuel cell vehicle) must provide a report to you and the IRS providing information required to claim the credit, including the following.

  • Your name and taxpayer identification number (TIN).
  • The vehicle’s VIN.
  • The battery capacity of the vehicle.
  • Verification that the original use of the vehicle begins with you.
  • The maximum new clean vehicle credit allowable for the vehicle.

The electric vehicle tax credit, or the EV credit, is a nonrefundable tax credit. Nonrefundable tax credits lower your tax liability by the corresponding credit amount, but do not result in a refund of any excess credit amount.

If you qualify, the credit goes on form 1040 schedule 3 line 6f and will carry over with other nonrefundable credits to form 1040 line 20. 

 

EV Credit

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