Rivian Tax Credit Email

[waitingonanr1s]

my only concern is that in the Rivian says they have to notify the IRS of a clean vehicle sale……they can do this WITHOUT us signing the emails, RIGHT? This is hugely important. thanks for your time

Not without your SSN, which they don't have on file. E-mail is pretty clear that they won't file unless you provide and sign.

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[Supratachophobia]

the email Rivian sent was phishy AF. what the hell kind of email is this that you dont send a heads up to customers first or at least give an explanation in the email itself? oh wait, nvm, this is Rivian comms team were talking about - all normal.

Ouch, shots fired....


.....100% accurate.

 

[Captain JB]

Not without your SSN, which they don't have on file. E-mail is pretty clear that they won't file unless you provide and sign.

Ok, thank you……so confusing as it implies a 2023 tax credit which is when I took delivery and not 2022 the binding preorder ?? Thanks again JB

 

[Magicbus]

I was in an uncommon situation where I took delivery the first week of April 2023, but I filed all my taxes immediately after that and was able receive full $7500 without amending.

I'm not going to sign. Seems like this process just looked at all deliveries in 2023 without considering if anyone signed the binding agreement.

All well and good until sometime next year you get a love letter from the IRS saying you owe them $7500 because they have no record of you (your SSN) purchasing an EV. Then the scramble begins. Using due caution, I would follow up on this and not ignore it.

 

[waitingonanr1s]

Ok, thank you……so confusing as it implies a 2023 tax credit which is when I took delivery and not 2022 the binding preorder ?? Thanks again JB

Correct, this report is only required to be filed for those claiming the post-IRA credit on vehicle delivery dates 1/1/23 or later. If you're claiming the pre-IRA binding agreement credit by amending 2022, then the report is not required regardless of delivery date. If you're trying to claim the post-IRA credit on a 2023 or later return, then the report is required.

Agree - the EV credit situation is unnecessarily confusing, and Rivian didn't help matters by not addressing the binding agreement exception (which they encouraged people to take) in the email sent yesterday.

 

[Singletracker]

Correct, this report is only required to be filed for those claiming the post-IRA credit on vehicle delivery dates 1/1/23 or later. If you're claiming the pre-IRA binding agreement credit by amending 2022, then the report is not required regardless of delivery date. If you're trying to claim the post-IRA credit on a 2023 or later return, then the report is required.

Agree - the EV credit situation is unnecessarily confusing, and Rivian didn't help matters by not addressing the binding agreement exception (which they encouraged people to take) in the email sent yesterday.

I agree! Why did Rivian not make note of the BPA exception, IF it does exist?! Having a 2022 return already filed and pending (for 2 months and counting), along with the required form 8936, I’m feeling a tad confused and concerned about this latest email development. I don’t think it applies in my situation, but I’m not 100% convinced and would hate to be wrong.

 

[Captain JB]

OK, more confused than ever…….I appreciate the input but there are two different strong opinions here for sure. I have some emails in to Rivian for a tax expert from Rivian to clarify but I’m sure that will be coming s00n. Yikes….not sure what to do. Did they send this same email in the beginning of 2023? I dont remember it?? Why now…(my guess and that is all it is) is because of the NEW tax law, not the one that affects the preorder binding contract 2022 law?? Any help is much appreciated. Is there a CPA or tax expert among us ?? Your time is appreciated JB

 

[Autolycus]

OK, more confused than ever…….I appreciate the input but there are two different strong opinions here for sure. I have some emails in to Rivian for a tax expert from Rivian to clarify but I’m sure that will be coming s00n. Yikes….not sure what to do. Did they send this same email in the beginning of 2023? I dont remember it?? Why now…(my guess and that is all it is) is because of the NEW tax law, not the one that affects the preorder binding contract 2022 law?? Any help is much appreciated. Is there a CPA or tax expert among us ?? Your time is appreciated JB

Pre-IRA there was no reporting requirement from the dealership.

 

[BrianR1S]

I filed amended taxes 5 months ago for 2022 , still no refund. No checks and no direct deposit, what to do now?

My understanding is that it has always been a tax "credit," which means unless you have a tax liability (and meet the income criteria), this will simply lower your tax liability by $7500. If you had a tax liability of $6500 before you claimed the credit, you would simply owe $0, since the IRS won't send you the other $1K as a refund. Can anyone else corroborate this?

 

[waitingonanr1s]

My understanding is that it has always been a tax "credit," which means unless you have a tax liability (and meet the income criteria), this will simply lower your tax liability by $7500. If you had a tax liability of $6500 before you claimed the credit, you would simply owe $0, since the IRS won't send you the other $1K as a refund. Can anyone else corroborate this?

You must have a tax liability of 7,500 to maximize the credit (before paycheck withholding and excluding self-employment tax), but not necessarily tax due at filing. For example, if your tax liability was 7,500 exactly and you had withholding of 7,500 exactly - then you wouldn't pay any additional tax with your original filing.

When you go to amend, the credit would reduce liability to 0, and the IRS would refund your 7,500 in withholding.

 

[Grabs10]

Out curiosity have you received your refund yet? I'm in similar situation. CPA amended my '22 back in August but have yet to receive my refund.

Amended mine through my tax person beginning of September. Check came from the IRS in December. Hopefully your CPA put in the correct date of purchase…. Check the irs website as you can check the status of the amended return. Also interest starts the day you file the amended return…. Mine approach $7900 instead of $7500 cause of interest so the longer it takes the more it is.

 

[UnsungZero_OldTimeAdMan]

So I didn’t get a clear understanding. If we filed previously and already obtained the tax credit is there any reason to do this? Is this an insurance policy for an audit?

I imagine the tax credit wouldn’t have come through if there wasn’t already some record of ownership.

I've read both emails and the form over multiple times. Without any second guessing, it appears to be saying that anyone wishing to claim credit on their '23 return need to do this. And, this reporting is being required of Rivian by the IRS—so the latter can match claims on '23 tax returns with data collected from this reporting (and consent form); hence the request to provide SSN or ITIN. This makes sense because without it there'd be no easy way for IRS to validate claims. Rivian probably got the "order" from IRS (to provide record of sales) very last minute-like, hence the rush and muddled messaging.

If you have already previously claimed or intend to claim with your '22 return, via amending or extension, this does not apply to you.

And no one is required to consent... Just that if you do refuse, there could be consequences/complications IF you had planned on claiming with your '23 return.

Quoting passage on the consent form:

If you do not consent to the foregoing, do not click “Accept” and
contact the sender for alternative method of document execution. Please note that declining to
consent may slow the speed at which OneSpan can complete transactions with you and may
potentially delay the delivery of Products and/or Services to you."

 

[dode]

Amended mine through my tax person beginning of September. Check came from the IRS in December. Hopefully your CPA put in the correct date of purchase…. Check the irs website as you can check the status of the amended return. Also interest starts the day you file the amended return…. Mine approach $7900 instead of $7500 cause of interest so the longer it takes the more it is.

Good to know about the interest will check the status on the website. Per your suggestion I double checked my amended form and my CPA did include 2022 as the purchase year.

Hopefully mine isn't far behind yours. Thanks for the info!

 

[UnsungZero_OldTimeAdMan]

Ok, thank you……so confusing as it implies a 2023 tax credit which is when I took delivery and not 2022 the binding preorder ?? Thanks again JB

Not confusing if you remember the scheme of using BPA and amending '22 to get pre-IRA credit (of upto $7500) is effectively a way to back-date your purchase to 8/15/2022 (one day before IRA was signed into law). Effectively changing your on-paper in-service date to that, instead of your actual delivery date.

The recent email from Rivian is in context of the '23 tax year. If you're planning to or have already claimed your EV purchase with a prior year, the email and reporting consent form don't apply to you—because there's no way IRS would allow double dipping. Whether it's under pre-IRA or IRA provisions, every purchaser can only claim once per VIN.

 

[Captain JB]

Thank you…..it does not apply to me as I am revising the 2022 year tax return to take advantage of the binding preorder contract. Have a great weekend. JB

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