Rivian Tax Credit Email

[simpsonhomer]

Hi, this is my first time on the forum. Before the Inflation Reduction Act went into effect in 2022 I went through the process of signing a contract with Rivian and changing my deposit to non-refundable. I received my R1S in 2023. I am amending my 2022 taxes to claim the $7,500 tax benefit. Is that the best option? It seems like it from everything I'm reading. Thanks!

IMHO, I think amending your 2022 return is the best option, as there are no benefits to filing under IRA (2023).

FWIW: I also did the buyer's purchase agreement. I got my Rivian in 2023. I filed my amended 2022 return on 5/15/23. I got the check ($7,500 + interest) in the mail on 6/23/23, which was shockingly fast. YMMV, of course.

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[NY_Rob]

Is the link in the email is user specific I suppose (meaning I can't use someone else's link and input my name and SSN)?

Yes, it is user specific as it has your VIN and date of sale and date the vehicle was put in service (generally your pickup or delivery day) info pre-filled in.

 

[tjp74]

Yes, it is user specific as it has your VIN and date of sale and date the vehicle was put in service (generally your pickup or delivery day) info pre-filled in.

Thanks. My guide came through and although Rivian email never came I received one from onespan asking me to sign the report. Thank god for this forum... I wouldn't have a slightest idea and would wonder why my EV credit claim was rejected...

 

[yungish]

Just got this clarifying reminder email from Rivian:

We want to remind you to submit your seller reporting form if you wish to apply for the Federal New Clean Vehicle Tax Credit in tax year 2023.

Rivian is required to report a qualifying clean vehicle sale to the IRS by January 15, 2024 in order for you to be eligible to receive the 2023 tax credit. Once you complete the form, we’ll report the sale and then you can download a copy for your future tax credit application.

If you have a signed binding order agreement and intend to – or have already – amended your 2022 tax return, then no further action is required.

 

[UnsungZero_OldTimeAdMan]

Hi, this is my first time on the forum. Before the Inflation Reduction Act went into effect in 2022 I went through the process of signing a contract with Rivian and changing my deposit to non-refundable. I received my R1S in 2023. I am amending my 2022 taxes to claim the $7,500 tax benefit. Is that the best option? It seems like it from everything I'm reading. Thanks!

Best? It depends. You possess the answers.

• Did you have more than $3750 in total tax liability in 2022? If yes, then you stand to do better than filing under IRA (unless... see third point).
• Did you have at least $7500 in total tax liability in 2022? If yes, then (if approved) you stand to get back $7500 (plus interest)—because the pre-IRA credit is "upto $7500". If you had less, you stand to get less. If you had $2k in total liability, you stand to get back $2k+interest. If you had $10k, you stand to get back $7500+interest; no more.
• Did you take delivery in 2023 before Treasury ruled on battery compoent sourcing provision of the IRA? i.e. delivery between 1/1/2023~4/17/2023. And, you also meet both vehicle price and income caps? If yes, you could claim $7500 with your 2023 return (instead of amending '22 return with the binding purchase agreement).

The binding purchase agreement is a "let's pretend IRA never passed" card. It lets buyers back-date their purchase to the day before IRA was signed into law, 8/15/2022, as if they bought, took delivery and put into service on that day. This is possible because: A) you entered legal binding agreement to buy on that day. And, B) IRS is allowing it.

 

[Jimbydude]

Adding my bit to either help or hinder!

I was sure I signed the Binding Agreement but could not find any evidence of this and at purchase they applied the entire $1000 deposit. I read in the original email way back that they would take $100 of it that would become non-refundable, so I was thinking maybe I didn't, oh so long ago.

Anyhow I emailed customer service this morning and just got a reply with a copy of my signed agreement, so guess I did after all!. Although just to keep us guessing the copy they sent doesn't actually show my signature, despite the email confirming that I signed it!

Not sure I should post this, just added more confusion to my situation!

 

[MidnightRivian]

I signed the document as a hedge if I need to go back and amend 2023 but for now I have already amended my 2022 return and received the full $7,500 plus interest from the IRS.

If IRS decides to audit and have me return the $7,500 credit under 2022 taxes, I will amend 2023 taxes and claim $3,750 to get something instead of nothing.

After completing the signature, I was able to download the documents immediately and save it down with my original purchase documents.

 

[UnsungZero_OldTimeAdMan]

Adding my bit to either help or hinder!

I was sure I signed the Binding Agreement but could not find any evidence of this and at purchase they applied the entire $1000 deposit. I read in the original email way back that they would take $100 of it that would become non-refundable, so I was thinking maybe I didn't, oh so long ago.

By signing, $100 of the $1000 reservation fee became non-refundable. That makes it binding, like a non-refundable down payment, vs the original "fully refundable". At time of purchase, the entire $1000 is applied to your purchase.

For those who can't find their signed binding purchase agreement:
Contact your guide ASAP. Rivian has it on file. Once you have it, download, save and print a hard copy. You will need this in case you get audited by the IRS. And you can't use someone else's BPA and pretend it's yours. I've seen someone post and share theirs once in this forum. That's tax fraud.

 

[bmillner]

Best? It depends. You possess the answers.

• Did you have more than $3750 in total tax liability in 2022? If yes, then you stand to do better than filing under IRA (unless... see third point).
• Did you have at least $7500 in total tax liability in 2022? If yes, then (if approved) you stand to get back $7500 (plus interest)—because the pre-IRA credit is "upto $7500". If you had less, you stand to get less. If you had $2k in total liability, you stand to get back $2k+interest. If you had $10k, you stand to get back $7500+interest; no more.
• Did you take delivery in 2023 before Treasury ruled on battery compoent sourcing provision of the IRA? i.e. delivery between 1/1/2023~4/17/2023. And, you also meet both vehicle price and income caps? If yes, you could claim $7500 with your 2023 return (instead of amending '22 return with the binding purchase agreement).

The binding purchase agreement is a "let's pretend IRA never passed" card. It lets buyers back-date their purchase to the day before IRA was signed into law, 8/15/2022, as if they bought, took delivery and put into service on that day. This is possible because: A) you entered legal binding agreement to buy on that day. And, B) IRS is allowing it.

Thanks. This is extremely helpful. I didn't take delivery before 4/17/23 so it seems like amending 2022 taxes is the way to go.

 

[Oldsmobile_Mike]

Some folks have decided not to claim the binding agreement because they didn't have enough liability left for 2022. Rivian unfortunately has no way of knowing if any particular person has applied for the credit for 2022 under the transition rule, so they are still obligated to report eligible sales under the new rule.

I signed the "binding agreement" but not planning on trying to get the credit until this year's taxes. My taxes were super-complicated enough as it is, don't want to file an amended return. Just don't have the time to figure it out or do the paperwork. Does that make ma an idiot? ? LOL.

 

[Oldsmobile_Mike]

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.

I also got the "heads up" email:

It's still complicated af, but at least they said something in advance. ?

 

[nitsy]

I have the binding agreement but yet to amend my 2022 taxes. Wondering if I should sign the seller report to have it as a backup in case, I'm not able to get the $7,500 tax credit.

Rivian did confirm signing the seller report does not void the binding order agreement.

 

[UnsungZero_OldTimeAdMan]

I have the binding agreement but yet to amend my 2022 taxes. Wondering if I should sign the seller report to have it as a backup in case, I'm not able to get the $7,500 tax credit.

Rivian did confirm signing the seller report does not void the binding order agreement.

I guess that's a decision you have to make for yourself. Some people think you should sign anyway incase your amended '22 gets rejected and this keeps door open for you to claim whatever you're qualified for under '23 return and IRA rules. However, I don't think that is necessary. And, Rivian's latest follow-up email has a paragraph stating the same.

You have 3 years from original filing date of your '22 return to amend. But, as soon as e-file reopens and you have already taken delivery, I wouldn't wait.

 

[yungish]

I have the binding agreement but yet to amend my 2022 taxes. Wondering if I should sign the seller report to have it as a backup in case, I'm not able to get the $7,500 tax credit.

Rivian did confirm signing the seller report does not void the binding order agreement.

I am in your situation, and I have decided to not sign the seller report because I don't want any confusions later on (the seller report sets a different date that the vehicle was put in service)

 

[dleepnw]

I also got the "heads up" email:

It's still complicated af, but at least they said something in advance. ?

i did end up getting the heads up email, three days later. ?‍

and OneSpan sent a follow up email for me to sign the doc and the second email is even more phishy that the first. it has fonts that dont even match.

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