Tax Credit

[momoslomo]

Hi everyone!
I've been reading all the previous tax credit forums but wanted to ask just to confirm before I speak to my CPA or Rivian or IRS.
I signed the Binding contract in 2022 and received a confirmation email from Rivian saying I signed it before the IRS cut-off time. I did receive another email later about the IRS guidance and Form 8936 but completely forgot to fill it out and file it with my 2022 tax year. I am now about to receive my Rivian and was wondering if anyone knows I'd qualify for the $7500 when I file my 2023 taxes?
Thanks for your help.

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[redantpile]

You file an amendment to your 2022 taxes I believe. It's retroactive. Just picked up my vehicle today so I have to do the same thing.

 

[momoslomo]

You file an amendment to your 2022 taxes I believe. It's retroactive. Just picked up my vehicle today so I have to do the same thing.

Gotcha! Congrats on your car, so we will be getting the full rebate no matter what the car price and our income is since it’ll be treated as 2022’s?

 

[redantpile]

That's my understanding. It was a one time deal for 2022 only. I'm not sure what exactly to file though. I'm using turbotax, but I would think your CPA will know for yours. Someone else here may chime in with more info. We might need the title as proof of purchase maybe? I know other people here have filed, but not sure if anyone has received their money yet.

 

[Jac]

I kept the Inflation Reduction Act language and subsequent guidance from the IRS handy to amend my 2022 tax year return once my R1S arrives. Here you go:

(l) TRANSITION RULE.—Solely for purposes of the application of section 30D of the Internal Revenue Code of 1986, in the case of a taxpayer that— (1) after December 31, 2021, and before the date of enactment of this Act, purchased, or entered into a written binding contract to purchase, a new qualified plug-in electric drive motor vehicle (as defined in section 30D(d)(1) of the Internal Revenue Code of 1986, as in effect on the day before the date of enactment of this Act), and (2) placed such vehicle in service on or after the date of enactment of this Act, such taxpayer may elect (at such time, and in such form and manner, as the Secretary of the Treasury, or the Secretary’s delegate, may prescribe) to treat such vehicle as having been placed in service on the day before the date of enactment of this Act.

Form 8936 instructions now say (as of January 2023) Re line 3:

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.

- From a past Forum post: “You should enter 8/15/2022 if you are using the transition rule, regardless of the date you signed the "written binding contract" to purchase the vehicle.

 

[Jac]

Gotcha! Congrats on your car, so we will be getting the full rebate no matter what the car price and our income is since it’ll be treated as 2022’s?

It is a tax credit, not a rebate - your 2022 tax liability must be $7500+ to get the full $7500 credit.

In regard to your question, that is my understanding — unless the IRS audits your amended 2022 tax return and then also concludes the Rivian binding purchase agreement we signed before the IRA was enacted does not meet the IRS requirements for such an agreement. That is a chance I will take.

 

[md2023]

Hi everyone!
I've been reading all the previous tax credit forums but wanted to ask just to confirm before I speak to my CPA or Rivian or IRS.
I signed the Binding contract in 2022 and received a confirmation email from Rivian saying I signed it before the IRS cut-off time. I did receive another email later about the IRS guidance and Form 8936 but completely forgot to fill it out and file it with my 2022 tax year. I am now about to receive my Rivian and was wondering if anyone knows I'd qualify for the $7500 when I file my 2023 taxes?
Thanks for your help.

As others have stated, you should file to amend your 2022 tax return using the 1040-X and 08/15/2022 on the 8936. My tax parson (H&R) filed it for me a few weeks ago and it has been received but is in process. You can track it here once you submit it:
https://sa.www4.irs.gov/wmar/login

And what Jac said about qualifying

 

[momoslomo]

As others have stated, you should file to amend your 2022 tax return using the 1040-X and 08/15/2022 on the 8936. My tax parson (H&R) filed it for me a few weeks ago and it has been received but is in process. You can track it here once you submit it:
https://sa.www4.irs.gov/wmar/login

And what Jac said about qualifying

very helpful info. thank you all

 

[MrMetlHed]

As others have stated, you should file to amend your 2022 tax return using the 1040-X and 08/15/2022 on the 8936. My tax parson (H&R) filed it for me a few weeks ago and it has been received but is in process. You can track it here once you submit it:
https://sa.www4.irs.gov/wmar/login

And what Jac said about qualifying

Same, but with H&R block online. Was pretty simple. Amended it in early March and still just processing. IRS is now saying 20 weeks instead of 16 as a ballpark, which has already felt like an eternity. Hopefully it works out -- Though I got my truck early enough this year that I think I would qualify under the rules as they stood at the beginning of 2023 not after other changes. What a mess. Will teach me to do my taxes early.

 

[Killer95Stang]

I took delivery on April 27th... and promply had my CPA file the form for me. This is where I'm at so far.

 

[momoslomo]

I took delivery on April 27th... and promply had my CPA file the form for me. This is where I'm at so far.

Thanks for the help. Would highly appreciate an update when you get the results. Getting my R1S by the end of this week!

 

[Killer95Stang]

Thanks for the help. Would highly appreciate an update when you get the results. Getting my R1S by the end of this week!

Even though the IRS site hasn't updated since my last post, I received the full $7500 + $67.50 (interest) tody for my 4/27/23 R1S delivery, with signed and 8/15/22 filed BPA. I assumed I would get it directly deposited into registered bank account, but the fed elected to send a hard check. Overall, pretty painless experience, but I will hold on to the money for a while, maybe in short term investment, incase I get audited. Since I keep receipts and pretty much pay my taxes in advance (file 0,0), I'm not really fearful of an audit.

 

[momoslomo]

Great news! Thanks for the update ?

 

[md2023]

Thanks for the help. Would highly appreciate an update when you get the results. Getting my R1S by the end of this week!

My check arrived today about a month after sending it in. IRS received it 5/23. Pretty shocked I got this quickly. IRS site still states that mine has only been received and it will take up to 16 weeks to process.

 

[momoslomo]

Nice! glad to hear yea my CPA said it might take up to 6 months or so. thanks for your update

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