TurboTax EV Credit Software Function Coming 1/19/2023

[Gavinmcc]

Well TurboTax just informed me that the Electric Car Credit portion of their software will be available on 1/19/23

I will take some images of it when it goes "live" to see what info they are "running" with.

Now I did get my Rivian at the end of Dec 2022, so I'm guessing mine will be no issue. But it will be good to see what their instructions are for purchase date and such.

G

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[Grajjie]

I used FreeTaxUSA and it was really simple to add the info for the $7500 credit.

 

[emoore]

Good to know. I've been waiting for that to be available. Not that I can file anytime soon anyway but it would be nice to see a refund in Turbo Tax instead of just red.

 

[technerd]

Good to know. I've been waiting for that to be available. Not that I can file anytime soon anyway but it would be nice to see a refund in Turbo Tax instead of just red.

Haha, I know the feeling. Still have to wait for my banks and mortgage company to send their stuff before I can file, but I just want to make sure it's actually what i think it's going to be.

 

[VSG]

Well we all know what qualifies for the 2022 credit, the big ambiguities are all about deliveries in 2023. TurboTax won't be saying much about that because it's not decided and because it's not relevant to 2022.

 

[Jac]

Don’t forget to also enter your 2022 EV charger and installation expense when you are entering your tax return information.

 

[connoisseurr]

You’re waiting for the TurboTax module to be come available, that creates the necessary IRS form 8936 to be coupled to a 1040. This happens every year. The module on TurboTax is very simple; I believe it asks for the VIN, manufacturer, battery size, and credit amount.

Same goes for TurboTax module that completes form 8911, for EV charging station credits. It took until March 2022 for that form to be available.

 

[ORFynder]

EV portion is now available on Turbo Tax

 

[ORFynder]

Well we all know what qualifies for the 2022 credit, the big ambiguities are all about deliveries in 2023. TurboTax won't be saying much about that because it's not decided and because it's not relevant to 2022.

FWIW, I played around on when I took delivery of my R1T, Turbo tax applies the EV credit if I bought the vehicle prior to 8/16/22. Anything 8/16/22 or later, it wont give me the EV Credit

 

[SANZC02]

FWIW, I played around on when I took delivery of my R1T, Turbo tax applies the EV credit if I bought the vehicle prior to 8/16/22. Anything 8/16/22 or later, it wont give me the EV Credit

They probably will get updates from the IRS that they will need to apply. I know when I claimed the charger credit for 2020 I had to wait for final updates before I could file, did not come in until the very end of March.

 

[VSG]

A Rivian delivered any time in 2022 qualifies for the full credit. Period. Other makes and models may not qualify after 8/16 because of the US assembly provision is that kicked in on that date, but that does not affect Rivian purchases. TurboTax probably doesn't know, yet, which vehicles are considered to be assembled in the US, but there's absolutely no doubt that Rivians delivered in 2022 qualify.

 

[Gavinmcc]

It will likely get updated (hopefully Rivian contacts them?), but till then it does ask if you have a binding contract. It also doesn’t ask about down payment or anything else’s, just “do you have a bonding contact before 8/16/2022”

 

[mabowden]

Well TurboTax just informed me that the Electric Car Credit portion of their software will be available on 1/19/23

I will take some images of it when it goes "live" to see what info they are "running" with.

Now I did get my Rivian at the end of Dec 2022, so I'm guessing mine will be no issue. But it will be good to see what their instructions are for purchase date and such.

G

H&R block had it up and running-very easy process.

 

[countab45]

hopefully turbotax updates this to any qualifying ev purchased through dec 31st and not 8/16. Thats how we are reading the rules right?

 

[connoisseurr]

I just added my R1T purchased 09/30/2022, and answered NO to the binding agreement question. I received the full credit amount.

Looks like it's fixed now.

You'll need the following information:

• VIN
• Make
• Model
• Date Acquired
• Date Plug-In Placed in Service (date should be same as acquisition date).
• Amount of Battery Capacity Kilowatt Hours (132 for R1T Large Pack)
• Gross Vehicle Weight (8,532 for R1T).

Once you submit information on that page, click Continue. The next page will ask for the following:

Q: Were you under a written binding contract to purchase the vehicle before August 16, 2022?

• For those who took delivery in 2022, the binding contract did not matter.
• Answer NO

Q: Was the final assembly of the vehicle within North America?

• Answer YES

Click Continue to proceed with your filing.

FYI - IRS is not accepting returns until 01/23/2022, so you have a few more days until submissions are open.

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UPDATE - Just saw the IRS cannot accept form 8936 until 01/26/2023.

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