Newbie Confused with Desktop Turbotax

Forum|Forum|2 years ago
March 30, 2024
3 replies
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Hi, Every expert:

Whatever how do I fill the form, my brand new Tesla's $7500 Credit only shows on Business spend but it does show on Federal Credit refund.

I do family joint on my desktop. I got my Tax Due after I followed the expert Joann let me do separate with my wife. I purchased Turbo Tax to get a Tax Refund. Joann makes me feel like she is an agent of the IRS!

Who can help me get my Tesla $7500 shown on the Federal Refund?

Thank You!

PatriciaV

Employee

If your Tesla credit relates to your business, you need to report at least that much in business income in order to receive the business credit. Instead, your screenshot shows close to an $18K loss.

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TBthereAuthor

Thank you for your reply.

Tesla Purchased $41962.

Start Uber from Sep, 28 to Dec. 31 in 2023. Earning $15959.

41962 - 15959 = 26003

So, I can get that $7500 if I earned the difference of $26003?

RobertB4444

No. You needed a profit of $7500 from your business and the Tesla would have wiped out that profit.

Your business shows that not only did you not make money you lost almost 16000 dollars.

The numbers that you are typing and the ones that are on your tax return do not match.

It might be a good idea to hire someone to help you do your taxes this year. It's your first year with a business and that can be tricky. You can hire someone through TurboTax or a local professional but you should get another set of eyes on your return.

@TBthere

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TBthereAuthor

Thank you for your advice!

I adjusted the Profit but Tesla's $7500 still does not show on the Federal Refund.

Where do I need to deal?

DaveF1006

If your only income is self-employment income, you won't receive a credit for your Tesla. This is because your profit does not exceed your standard deduction for the year thus there is no tax liability. A Tesla credit is a non-refundable credit meaning that if there is tax liability then that credit will help reduce the tax liability to zero. If it is already zero, then the credit cnnot be used.

To verify, go to the forms mode in your program and look at the 1040. look at line 16 on the 1040. if there is a zero there or line 24, then the credit cannot be used

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