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I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

I have a tax assessment beyond this potential credit and child tax credits I am permitted
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6 Replies
BillM223
Expert Alumni

I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

Form 8936 for the Qualified Plug-in Electric Drive Motor Vehicle Credit is not currently scheduled to be available until 1/21/2021. Note: this date is an estimate, so keep track of Federal Forms Availability here.

 

If this issue persists after the 8936 becomes available, please come back and report this in the Community.

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Kvanhutton
Returning Member

I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

I tried to enter this information for my Bolt today, 1/24/21.  I purchased in Feb, 2020, and should be eligible for the $1875 credit.  It is still not allowing this credit, although it is crediting the proper amount for another EV I purchased this year.  My tax liability is plenty high to allow for both credits.

I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

Different later day, and the same issue. I checked the availability of the Form 8936 per the link provided and it states it's available. Attempted the same entry today, and the same response. You get $0 of a credit. The only thing that sticks out to me is it says your personal use was 0, but never prompted such question for entry as it was used 100 percent personally (does not impact eligibility of tax credit). Just continue to wait or can I override this somehow? Thanks

PattiF
Expert Alumni

I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

If you are using TurboTax Online or TurboTax Desk Top, this is a screen shot of the box that would be checked to indicate business use. You might want to make sure that this box is not checked.

 

You should check your entries to be sure that all of the information including the VIN is entered correctly.

 

[Edit 01/27/2021 11:47 AM PST]

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I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

All information/entries have been checked and input numerous times. The car does not need to have business use to be eligible for the federal tax credit, merely a tax assessment, which I have, since it is a nonrefundable credit. I don't think recommending your users to input business use when it then will attempt to calculate depreciation is wise when such users are merely W-2 wage earners. Thanks

AmyC
Expert Alumni

I purchased a 2020 Chevy Bolt Jan 2020 and should get $1,875 of a Fed tax credit. Turbo Tax is detailing $0. Why?

Form 8936 directions for 2020 say for line 5, to separate business and personal. To calculate the business percentage, please see page 2 of Instructions for Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit.

 

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