Question

New EV tax credit. Do I file on personal or 1120s?

Forum|Forum|4 years ago
March 22, 2022
1 reply
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We purchased a new electric vehicle in 2021. Does it matter if the $7,500 credit goes on the 1120s or the personal tax return?

Since this will be my first year filling my personal return as an "employee", but with a K1 do I just file a standard return or do I still need to use a more complex return like in years past?

TurboTax Business Windows

T

ThomasM125

The credit for the plug-in vehicle should go on the tax return of the individual or entity that purchased and owns the car. In either case, it will end up being used on your personal tax return to reduce your individual tax, so it is not critical which tax return it is reported on.

You don't need TurboTax Home and Business or Self-Employed program to report your K-1 schedule from the S corporation. TurboTax Premier will be sufficient.

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