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

[gerrylum]

Need some clarification on dates to list on my amendment. My binding agreement is dated 08/11/2022. Turbotax asks for "Date Acquired" and "Date Placed in Service". Is it 8/11/2022 for both?

That's what I did.

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[drivetorun]

Just to confirm, this IRS site is what I should reference regarding my Rivian purchase if I have a binding purchase agreement from 2022, correct? Basically, neither the $80k MSRP limit nor income restrictions apply.

https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

 

[CardiacR1S]

Can't locate my binding agreement, and nor can Rivian. Definitely intended to sign in August when I got the Tony message to do so.
Anybody else in the same boat?

 

[sub]

Need some clarification on dates to list on my amendment. My binding agreement is dated 08/11/2022. Turbotax asks for "Date Acquired" and "Date Placed in Service". Is it 8/11/2022 for both?

That's what I did.

Did you read the IRS's instructions for how to fill out the form? It leaves very little for guessing.

Why would you use 8/11 when the IRS specifically says you should use 8/15?

https://www.irs.gov/instructions/i8936

Line 3
Enter 08/15/2022 if you qualify and elect to apply the transition rule discussed below.

Transition rule. If you purchased, or entered into a written binding contract to purchase, a qualified plug-in electric drive motor vehicle after 2021 and before August 16, 2022, you may elect to treat such vehicle as having been placed in service on August 15, 2022, the day before the enactment date of the Inflation Reduction Act of 2022.

 

[gerrylum]

Did you read the IRS's instructions for how to fill out the form? It leaves very little for guessing.

Why would you use 8/11 when the IRS specifically says you should use 8/15?

https://www.irs.gov/instructions/i8936

You're correct, I used the 15th. I didn't check to see if the 11th as quoted by the other user was accurate.

 

[UnsungZero_OldTimeAdMan]

Filed on 7/23, accepted 7/24. TurboTax.

 

[Tdfster]

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.

What was your configuration?

 

[Tarkus]

OK... Dumb question. I'm amending mine now & Turbo Tax indicates I qualify for the $7500 (using 08/15/2022 dates for both answers), but my Turbo Tax Amended Refund is only $2912. Any suggestions?

 

[UnsungZero_OldTimeAdMan]

OK... Dumb question. I'm amending mine now & Turbo Tax indicates I qualify for the $7500 (using 08/15/2022 dates for both answers), but my Turbo Tax Amended Refund is only $2912. Any suggestions?

Not everyone get the full 7500 credit. It’s based on your total tax liability, of which you must have at least 7500 to get full credit amount. Liability is what you were on the hook for, including withholdings + what you had to pay. What you had to pay, or what you were refunded, is the difference between total liability and withholdings. If you are only due 2912 credit, you did not have enough tax liability.

 

[Tarkus]

Thank

Not everyone get the full 7500 credit. It’s based on your total tax liability, of which you must have at least 7500 to get full credit amount. Liability is what you were on the hook for, including withholdings + what you had to pay. What you had to pay, or what you were refunded, is the difference between total liability and withholdings. If you are only due 2912 credit, you did not have enough tax liability.

Thank You. I guess $2912 is better than nothing...

 

[Autolycus]

Just got our check for $7589.70 ($7500 plus interest) today. Filed the amended return at the end of June.

 

[Tdfster]

@Chaos or @Autolycus can you confirm if you had to stay below $80k MSRP for your configurations for your refund? Or are we able to be above that with the purchase agreement?

I have pre-March pricing, but adding my preferred color and 20" wheels puts it over $80k.

 

[UnsungZero_OldTimeAdMan]

@Chaos or @Autolycus can you confirm if you had to stay below $80k MSRP for your configurations for your refund? Or are we able to be above that with the purchase agreement?

I have pre-March pricing, but adding my preferred color and 20" wheels puts it over $80k.

Using purchase agreement and filing under pre-IRA rules, the IRA’s $80k price cap is not relevant.

 

[Autolycus]

@Chaos or @Autolycus can you confirm if you had to stay below $80k MSRP for your configurations for your refund? Or are we able to be above that with the purchase agreement?

I have pre-March pricing, but adding my preferred color and 20" wheels puts it over $80k.

My configuration was under $80k, but if you’re claiming the credit on your 2022 taxes based on the IRA’s transition rule (I.e. with a binding purchase agreement) it doesn’t matter. Only matters for 2023 tax credits.

 

[Tdfster]

My configuration was under $80k, but if you’re claiming the credit on your 2022 taxes based on the IRA’s transition rule (I.e. with a binding purchase agreement) it doesn’t matter. Only matters for 2023 tax credits.

I've seen this stated a few times in the forum, but am wondering if anyone has actually exceeded the $80k and still gotten the refund for '22. I.e. moved it from an interpretation to proven reality.

I currently have my R1S configured with 21s, but after reading around the forum am strongly leaning towards switching to 20s, then swapping to a road tire, which gets the same range as the 21, but with cheaper tires.

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