Taxpayers are allowed a credit for the purchase of plug-in electric drive vehicles used for either business or personal purposes. The credit, which ranges between $2,500 and $7,500 for light-duty vehicles, varies depending on the weight of the vehicle and kilowatt hour of battery capacity.
The credit phases out for each care manufacturer when they reach a total of 200,000 electric cars sold for use in the United States.
To determine if you are eligible, click on Deductions & Credits under the Federal menu. Under Cars and Other Things You Own, choose Start/Revisit next to Energy-Efficient Vehicles. Currently, this form is not available, as TurboTax is waiting for updates on the approved vehicles. This credit is reported on Form 8936, which is estimated to become available on February 5, 2020.
Plug-In Electric Drive Vehicle Credit
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