TurboTax and EV Tax Credit

Thanks for ELI5!

So to clarify, if my tax liability is already at 0 that means I do not get any of the 4500 credit??

I am using freetaxessa

 

Look at the entry on line 63 of Form 1040. To get the full credit, that figure needs to be at least $4502

 

If you are referring to line 47 on form 1040 that is correct. Actually to be more precise, line 47 minus any amounts on lines 48 to 51.

That is not correct. The plug-in credit is entered on line 54 of form 1040. Line 63 is well past that and has no effect on whether or not you qualify for the credit

 

They determine how much they qualify for by looking at line 47. Or to be more precise, they determine it by looking at form 8936 and its instructions. On line 20 of form 8936 it says to enter the amount on form 1040 line 47, then it has them subtract any credit amounts that they may have on form 1040 lines 48 to 51. This amount, or $4,502 whichever is smaller, is how much of the credit they qualify for and is the amount that is entered on form 1040 line 54.

 

On freetaxusa I didn't have to enter information on 1040..just asks for w2, 1099 and other misc income info. No section on 1040. I might be missing something..First time using this so not sure

 

That's because tax software fills out the forms for you. But at some point you should be able to see what it is entering on the forms. It might be towards the end of the process when you print out your copies.

 

Thankyou all!

 

8936 is ready to go in Turbo tax! Just filed.

Form 8911 now has language on it, but it is still pending.

 

yep just filed 8936 is good to go(turbo tax)...2 hrs later was accepted by the irs...

 

Great! When can you be here to do mine? My taxes aren’t terribly difficult anymore, but I still hate doing them.

N7UFD

 

As an old retired guy TurboTax always tells me that I am better off with the Standard Deduction. I do have pension, Social Security, bank interest and stock dividends & profit and loss from stock sales and Turbo Tax Basic handles them all fine. I got my refund last Thursday and it included $4504 for my Prime that I received on May 25, 2017. If you have a more complicated return to file you may need one of the higher rated (and higher cost) TurboTax models, but for me Basic at $30 does what I need. It gathers basic info from last year's TT return and lets me log onto Fidelity to download the stock market data. Makes filing taxes almost easy.

 

I am planning to buy the turbo tax deluxe 2017, which is only $13.99 from the site below. How can I ensure that it has the form 8936 included in it. Very much appreciated the response from folks who have already filed their Federal tax returns via TurboTax

TurboTax Deluxe Fed + Efile + State 2017 – The Connection Team

 

Looks like form 8936 is included with the Delux version (I had to use the Premiere edition for other reasons). TurboTax® Deluxe Online - Get Maximum Tax Deductions, Try for Free, Efile Taxes Online

 

I used Turbo Tax Deluxe and it does have form 8936 and 8911. I've already got my refund back.

If you are in doubt do a version compare on TT's web site as to what's included in each version.