Rivian Tax Credit Email

[Singletracker]

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.

My return was an original return, not an amended return. I knew I was getting the Rivian in the fall, so I waited to file my tax return until after I had the truck. So, no. I have not received any refund/credit associated with the Rivian, yet.

Sponsored

 

[elfordon]

Just to clarify, the binding contract is the date when you sent the initial deposit of $1000?

I just took delivery of the truck in November, and by the time I went to file an amended return for 2022, the IRS had closed e-filing. (source) So I have not actually filed yet.

But, here are the notes I will use to amend my 2022 return once e-file opens back up...

Amended tax return - instructions for TurboTax: https://www.rivianforums.com/forum/threads/turbo-tax-instructions-for-ammended-22-tax-credit.17405/

• Binding email originally sent from Rivian on 8/10/2022
• Turbotax: IRS form 8936
• Steps from this post:
  • 1) MSRP is the only amount relevant to the tax credits.
  • 2) You have to figure out for yourself which year you're claiming a credit. If you have the binding purchase agreement, you could theoretically claim it in 2022 or 2023. IF you don't have the binding purchase agreement, signed prior to 8/16/2022, then you must claim the credit in 2023.
  • 3) For 2022 credits being claimed with the "transition rule", you MUST enter 8/15/2022.
  • 4) I hope your R1S has 4 wheels rather than 2, so make sure you're reading the parts of the instructions that are relevant to vehicles with at least 4 wheels.
  • 5) Yes, you can file your own without using your accountant. You need to file a 1040-X and the 8936. The 1040-X isn't terribly hard. Just follow the instructions.

 

[Tango45]

Thanks for the speedy reply! So you’re income was $300+ and you were still able to get the credit?

Well, that's a personal question!!!

Yes. There's no income limit on the credit prior to August 16, 2022. https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before

Purchase date vs. delivery date
If you entered a written binding contract to buy a vehicle after December 31, 2021, and before August 16, 2022, but took delivery on or after August 16, 2022, you may elect to claim the credit based on the prior rules. To elect the credit under the prior rules you must elect the credit on your 2022 tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended 2022 tax return.

It's the "prior rules" bit - there were no income restrictions.

 

[waitingonanr1s]

General question about this…I signed the binding contract and all that, just received my R1S two weeks ago (totally in love with it) and went to amend 2022 return and my CPA told if your income was over $300k in 2022 then you’re eligible for $0 of the $7500 credit.
Is that right? I feel like the whole point of signing the binding contract was that there WAS no income cap pre-IRA legislation…did I completely make that up in my head as wishful thinking or is my CPA missing something?
Thanks all, this forum is awesome

Yes, for pre-IRA there is no income limit assuming you signed the binding contract. There is some question as to whether the $100 non-refundable deposit qualifies the contract as binding - but I have yet to see any news of an IRS challenge or denial yet. The IRS generally has 3 years after filing to pull returns for examination, so that's the risk.

Your CPA may or may not feel comfortable filing an amendment under the pre-IRA rules, but it sounds like he may not be up to speed on the binding contract exception to use pre-IRA rules (see https://www.irs.gov/credits-deductions/credits-for-new-electric-vehicles-purchased-in-2022-or-before). As a CPA, I tend to lean more conservative on the interpretation of what qualifies as a binding contract, but I would still file on behalf of a client if they insisted (after being advised of the risk) they wanted to amend.

 

[Litup]

Just received the email posted below from Rivian. I've already amended my 2022 taxes and received the $7,500. I'm assuming I ignore this? The part that caught my attention is "Rivian is required to report the sale". Wouldn't that have already been done since I received my refund already?

First rule in Tech.... Never ever click on a link sent to you from someone "."

if this is true.... or any other email you get with some random link.... close the email and go directly to the site to see if there is any information. If not... contact them via phone and ask..

could be legit... could be a opening they need to get started... why take the risk??

 

[rockandrollray]

Just received the email posted below from Rivian. I've already amended my 2022 taxes and received the $7,500. I'm assuming I ignore this? The part that caught my attention is "Rivian is required to report the sale". Wouldn't that have already been done since I received my refund already?

Starting this year the Vehicle Tax Credit will no longer go through the buyers taxes. It will be automatically deducted from the vehicle price upon purchase and the manufacturer will file for that return. Sounds like this letter is informing buyers that they need to “grandfather in” before the change deadline so they can amend their 2022 taxes ASAP and receive the full $7500.

 

[GZR1S]

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

 

[waitingonanr1s]

Starting this year the Vehicle Tax Credit will no longer go through the buyers taxes. It will be automatically deducted from the vehicle price upon purchase and the manufacturer will file for that return. Sounds like this letter is informing buyers that they need to “grandfather in” before the change deadline so they can amend their 2022 taxes ASAP and receive the full $7500.

This is not entirely correct. Buyers have the option to transfer the credit to a dealer beginning 1/1/2024, assuming the dealer is registered properly to accept the transfers. It is not required though. The credit will still have to be reconciled on your tax return - whether you transfer it or not.

The benefit to transferring it, is you get the 3,750 deducted off the purchase price and will not be required to repay any amount if your tax liability is less than the credit, whereas if you wait to claim the credit yourself, then the credit you receive would still be non-refundable. In either case the income limit still applies, if you transfer the credit to the dealer but don't qualify, you'll have to repay that on your return.

The letter Rivian sent out is addressing the requirement that Rivian must provide the clean vehicle report for every sale in 2023 to each buyer by January 15, 2024. This requirement phased in on January 1, 2023. Your post-IRA credit will be denied if you try to claim on 2023 without Rivian having issued the clean vehicle report for that sale.

It's unclear how this applies to 2023 sales, claiming the pre-IRA binding contract exception - Rivian did not address this, and I have not seen it addressed in IRS guidance. Personally, I don't think it's required to claim pre-IRA as there is nothing that says it is, and many have been successful in claiming without.

The question is should someone claiming the pre-IRA binding contract exception consider providing information for the report as a hedge in case the pre-IRA credit is disallowed at some later date in examination. While it doesn't seem there could be any downside to doing this, it really depends on what type of automated matching process the IRS sets up for these. It's possible that once filed, a matching process on subsequently filed 2022 amendments would be run against that list. Delivery in 2023 doesn't disqualify it, but if they do that, it could create some correspondence to clarify with the IRS, and possibly more scrutiny on the contract.

I really don't have a good answer for whether it makes sense to sign this or not, if you're planning on claiming the pre-IRA binding contract exception. I personally am electing not to claim pre-IRA at all, as I just don't see the support for it - but I see the argument on both sides.

 

[irvineboy]

I received this email and did not sign the document as it stated I only receive $3750 tax credit. I already signed the binding agreement and amended my 2022 taxes to get the full $7500 tax credit. So I am ignoring this and not signing it. Rivian should know who has binding agreement and not send this out.

 

[BrayBay]

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.

 

[MaNewberger]

Just received the email posted below from Rivian. I've already amended my 2022 taxes and received the $7,500. I'm assuming I ignore this? The part that caught my attention is "Rivian is required to report the sale". Wouldn't that have already been done since I received my refund already?

I received this as well, and then today the OneSpan documents. Filled them out and am now trying to figure out where to email them to. Tried sending them as a reply to the email and got a message back saying that it was unmonitored. Tried customer service and been on hold for 61 minutes and counting. Chat just finally responded after a similar time and has been trying to figure this out for the last 10 minutes...they finally just said that filling out the forms also constitutes sending to Rvian...I asked for a transcript of the chat, was told that I would get the opportunity to request that at the end, but the chat ended and no transcript option.

 

[Captain JB]

metagamers, I am in the same position as you. Did the ”binding preorder” and just took delivery 5 weeks ago and am waiting for the online portal to open up (per advice of my CPA) as the mail file will take months to process. The amendment/revision is complete and ready to go to take advantage of the 2022 tax law. My understanding is we do NOT do ANYTHING with the emails that came out. Makes sense that Rivian does NOT know what we did on our taxes so they are just being completely thorough. That is my opinion anyway ??? This forum is awesome!!

 

[Captain JB]

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

 

[BrianR1S]

Just received the email posted below from Rivian. I've already amended my 2022 taxes and received the $7,500. I'm assuming I ignore this? The part that caught my attention is "Rivian is required to report the sale". Wouldn't that have already been done since I received my refund already?

We did the same as you. Amended our '22 tax filing with our CPA since we all signed the binding agreement in August of '22. Our CPA completed the 8936 form last Spring and we're all settled. Our CPA confirmed that we do not need to do anything else since this has already been credited and accounted for in our '22 filing. I also spoke with my Rivian Guide who also stated the same.

 

[NY_Rob]

I received this as well, and then today the OneSpan documents. Filled them out and am now trying to figure out where to email them to. Tried sending them as a reply to the email and got a message back saying that it was unmonitored. Tried customer service and been on hold for 61 minutes and counting. Chat just finally responded after a similar time and has been trying to figure this out for the last 10 minutes...they finally just said that filling out the forms also constitutes sending to Rvian...I asked for a transcript of the chat, was told that I would get the opportunity to request that at the end, but the chat ended and no transcript option.

After you entered your SSN or TIN and signed the live docs, the final button press sends them off to wherever they're supposed to go then you get a pop up saying "You're all done, you can download a copy of your docs or close this page". You also get an email later (it was about 10min later for me) that a copy of your executed docs are ready for you to download for personal income tax record keeping.

Sponsored