Received my $7,500 Tax Refund for Amended 2022 Return!

[Chaos]

Hi All, I took delivery of my R1S on June 6, 2023. Yesterday (7/6/2023), I received my $7,500 tax refund (EV credit) on my amended 2022 return. I filed my 2022 amended return electronically using TurboTax on June 12, 2023. I wasted a bunch of time searching blogs/discussion forums on how to complete an amended return using the IRS transition rule, which is not clear on the IRS page regarding the transition rule. I finally read relevant sections of IRS instructions for Form 8936 (Rev. January 2023), which provided clear instructions (i.e., what date to enter as the delivery date...hint, it's not the actual delivery date. It's 08/15/2022). Like Ice Cube says (revealing my age), [today] was a good day.

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[MidnightRivian]

I plan to use some of my tax refund towards buying RIVN stock and PPF for the car.

 

[Timbotron]

Thanks for posting about this. I filed the amended return via my accountant 6/6, took delivery 6/12 and have yet to receive any moolah, yet. Good to know it took that long.

 

[iforbes]

Mine was received on 6/12 and hasn’t moved passed “Received”.

 

[JKDU]

Hi All, I took delivery of my R1S on June 6, 2023. Yesterday (7/6/2023), I received my $7,500 tax refund (EV credit) on my amended 2022 return. I filed my 2022 amended return electronically using TurboTax on June 12, 2023. I wasted a bunch of time searching blogs/discussion forums on how to complete an amended return using the IRS transition rule, which is not clear on the IRS page regarding the transition rule. I finally read relevant sections of IRS instructions for Form 8936 (Rev. January 2023), which provided clear instructions (i.e., what date to enter as the delivery date...hint, it's not the actual delivery date. It's 08/15/2022). Like Ice Cube says (revealing my age), [today] was a good day.

So I have been using a tax accountant to prepare and submit my taxes. Would you or others recommend I do it myself using turbotax to file amendment for this or have my accountant do it and pay the extra fee? I have not filed an amendment before so looking for others advice. I have the binding purchase agreement from Rivian, R1S is under $80,000 limit (although that won't matter), and meet annual income limit. Received my R1S on April 19, 2023.

Also, what do others think are the chances Rivian gets full $7,500 credit for 2023 taxes? I know they qualify for only half now but was wondering if Rivian is still trying to meet the other battery mineral criteria to get full credit for 2023 and onward? Would rather wait for 2023 and use it then if possible to help with 2023 taxes.

 

[BG_ATX]

Mine was received on 6/12 and hasn’t moved passed “Received”.

Amended return accepted by IRS on 6/13, check received 7/5. Strangely status doesn’t show Completed, still at Adjusted.

 

[Southern R1S]

I plan to use some of my tax refund towards buying RIVN stock and PPF for the car.

Completely unsolicited advice:

As someone that probably owns way more Rivian stock than I should, I'd be extremely cautious about buying in too heavily at the current moment.

Love the company, absolutely love the product, and fully believe it's going to appreciate significantly in value over the long run (granted I'm very fortunate to have a $14.50 average cost basis in my shares), but at the same time extremely hard to justify the 77% run-up that's happened over the past 6 trading days (technically 5.5 since Monday was an early close).

Again, definitely not saying the stock doesn't have huge things in store (and I wouldn't have invested like I have if I didn't firmly believe that it does), but I just think before we get to that point there's going to be some natural regression / pullback from this current rally that will prevent some more attractive entry points than where it sits today.

 

[MidnightRivian]

Completely unsolicited advice:

As someone that probably owns way more Rivian stock than I should, I'd be extremely cautious about buying in too heavily at the current moment.

Love the company, absolutely love the product, and fully believe it's going to appreciate significantly in value over the long run (granted I'm very fortunate to have a $14.50 average cost basis in my shares), but at the same time extremely hard to justify the 77% run-up that's happened over the past 6 trading days (technically 5.5 since Monday was an early close).

Again, definitely not saying the stock doesn't have huge things in store (and I wouldn't have invested like I have if I didn't firmly believe that it does), but I just think before we get to that point there's going to be some natural regression / pullback from this current rally that will prevent some more attractive entry points than where it sits today.

I’m looking forward to the pull back. I’m always hedged. I sold half just now at $24.95 and plan to hold the other half to dump @ $30.

by the time I get my tax refund, we should have a decent consolidation in stock price.

I have no feelings for the stock. I just like to make money.

 

[SASSquatch]

Completely unsolicited advice:

As someone that probably owns way more Rivian stock than I should, I'd be extremely cautious about buying in too heavily at the current moment.

Love the company, absolutely love the product, and fully believe it's going to appreciate significantly in value over the long run (granted I'm very fortunate to have a $14.50 average cost basis in my shares), but at the same time extremely hard to justify the 77% run-up that's happened over the past 6 trading days (technically 5.5 since Monday was an early close).

Again, definitely not saying the stock doesn't have huge things in store (and I wouldn't have invested like I have if I didn't firmly believe that it does), but I just think before we get to that point there's going to be some natural regression / pullback from this current rally that will prevent some more attractive entry points than where it sits today.

Pay the man!

 

[McMoo]

I filed mid May and just got my $7,500 check in the mail! Plus $29 of interest.

I e-filed via our tax software (I’m a CPA) which certainly made it quicker than paper filing.

 

[mifj]

Can we file the amended return by ourselves?

 

[MidnightRivian]

Can we file the amended return by ourselves?

yes

 

[Captain JB]

Does the rivian have to be delivered in 2023 to file an amended return for 20220 to get the tax credit?? Can my R1S be delivered in 2024 which is possible and still get the tax credit due to having a contract and commitment in early 2020? Thx much, JB

 

[Tim-in-CA]

Submitted mine electronically via TurboTax on 7-6. Hopefully will get the refund quickly!

 

[mkg3]

I plan to use some of my tax refund towards buying RIVN stock and PPF for the car.

I wish I could do something like this but with my credit, it will simply be applied towards this year's estimated tax payments.

I don't have enough losses in taxable account to offset the capital gains so the credit simply offsets my quarterly payment a bit...

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