Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit

Talked to my tax guy yesterday and was told everyone is still waiting for the IRS to release the eform for the PiP credit. As mentioned above, you can paper file via snail mail, but your return will go into a holding pattern until they get everything straightened out, so it will still delay receiving your refund. Bummer..... He is hoping for sometime in early March for the release of the form, which will trigger acceptance of efiled returns.

 

From within Turbo Tax, it seems e-filing won't be allowed at all for the rebate. According to a Volt forum it wasn't allowed in 2011 either. Would be nice if it changed but I'm not holding my breath. I'll be sending out my taxes by snail mail in March.

 

When I was playing with TurboTax, it allowed me to fill in the form. But I wasn't trying to efile, as I have my CPA do that. Could it be that it is just holding it up like my guy is telling me until the form is released and gets into all the software programs for preparing taxes?

 

one issue i ran into is that after the form became available in the app, i had to re-enter my vehicle info, including gross weight and purchase price, for the credit to actually go through. otherwise, it calculated that i was eligible for a grand total of $0 of the rebate amount.

 

so I just updated turbotax, and it looks like what mmmodem said is right.


i wonder what the relevant IRS rules are…

 

looks like this, after all, still related to e-file delays: is form 8936 going to be allowed for efile after - TurboTax Community
see also IRS 2012 forms that 1040 filers can begin filing


EDIT: Best part is how horribly broken the e-form in turbotax is now. it claims that i must have purchased the vehicle before 1/1/2010 and it must be model year 2010.

 

I'm not putting too much faith on e-filing based on what I read about 2011 taxes on the Volt forum. It's not unheard of either as the housing tax credit back in 2009 had the same restriction. It had to be filed by mail.

I didn't have any problems with the form at all. I filled it out with actuals and it calculated everything correctly. I'm acare to death anout audits, so I always do my taxes twice just to make sure I get the exact same numbers. And the second time was flawless as well.

Except for ESPP shares which turbotax is horrible at calculating. They actually have an option that says did we calculate the same number as your 1099? If not use the numbers on your 1099? Don't worry. Doesn't incite a lot of confidence at all.

 

Good news! My CPA advised me today that the IRS released the form to claim the credit this morning, March3, and is now processing electronically filed returns containing that form.
I signed up on TurboTax for email notification re this form, but have not had an update yet, and didn't get a message about downloading updates upon opening the program. As I mentioned previously, I do TT just for fun.

 

Works for me. I'm going to drop all my paperwork off at the accountant's tomorrow.

 

I just finished up my taxes on taxact.com. It has all the forms needed and I have received a confirmation that the IRS accepted my return. I had heard the IRS would have a soft opening at 3pm today (Sunday) and all went well when I tried. The IRS website indicates they have received my taxes and have begun processing.

 

My CPA just called me Friday, March 1 to tell me that the IRS cannot accept e-file of the Form 8936, but he has been told that mid-march is doable.

 

Guess you may want to give him a call. I just got an email saying the IRS has accepted my return.

 

What's my hurry? They can take until August if they want!

 

Probably the only ones in a rush are those of us who are getting a refund.

 

Yeah I'm due about $2k from IRS and another $250 from CA. Due in no small part to my really bizarre employment situation.
Hoping to set up my withholdings correctly this year so that I've only slightly underpaid.

 

It seems that a lot of folks (those on this forum excluded, of course!) don't realize that getting a big refund is a planning error on their part, giving the government an interest-free loan of their own money. Ideally, one wants to owe a small amount when filing one's return: an amount one can easily pay, and below their under-withholding penalty threshold.

 

My tax preparer just got the green light for Form 8936 from his professional tax preparation software provider.

 

Or because they're getting money back from deductions and/or credits that are uncertain. I didn't know I was going to purchase a PiP back in January 2012 to adjust my withholdings to reflect the tax credit I'd receive. I also wouldn't have done so had I known for fear that the credit would be removed and I'd be on the hook for $2,500.

PS - My 8936 was accepted electronically by the IRS this morning.

 

That's why I said "those on this forum excepted". It's true that unexpected situations can result in a big refund even for the conscientious taxpayer, but I was thinking more of folks who feel so good getting a big refund from the government at tax time, even explicitly budgeting for it, not appreciating that they are just getting their own money back.