TurboTax Business Desktop 2023 doesn't seem to have any questions related to Clean Vehicle Credit if an electric car is purchased by the S-Corp? I thought S-Corps need to file the Form 8936 to claim the 7.5K credit, is that correct?
And does the income threshold of 150K also apply to the S-Corp or its shareholders, even if it's a 100% business vehicle?
The last I checked, you are correct that the S-corporation program does not have the required form. You might need to use different software or go to a tax professional.
The credit is passed to the shareholders via the K-1. It is on their personal tax return (Form 1040) where the AGI limit is applied to see if they qualify for the credit or not.
The last I checked, you are correct that the S-corporation program does not have the required form. You might need to use different software or go to a tax professional.
The credit is passed to the shareholders via the K-1. It is on their personal tax return (Form 1040) where the AGI limit is applied to see if they qualify for the credit or not.
If the credit is passed to the shareholders personal Form 1040 via the K-1, then would the North America Final Assembly Requirements also apply in addition to the AGI Income Limit, even though it's a commercial vehicle purchased by the S-Corp?