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Deductions & credits
As @RayW7 mentions the MAX is $1500 per form (vehicle). Can you clarify? Do you have several vehicles and or carryover from previous years that get you to $5500? TurboTax does allow and calculate those situations to get the proper credit.
In the OK state interview when entering data for the credit:
- You can enter in the amount for the current year in the top box
- Any carry over from previous years in the 2nd box
- If you have more than 1 form (vehicles) you would put the total current year in box 3
- Carryover amount from box 2 into box 4
- Finally the number of forms (vehicles) in box 5.
Note: The amount in box 3 cannot be more than 1500 times the number in box 5.
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March 4, 2021
8:54 AM