topic EV Tax credit for Chevy Bolt in Deductions & credits

EV Tax credit for Chevy Bolt

AlanDMeyer — Tue, 29 Dec 2020 01:01:11 GMT

I purchased and put a new 2020 Chevy Bolt into service in February of 2020. Turbotax is not giving me the $1875 credit for which the IRS says the car qualifies. I still am showing a tax liability of over $1500, so I should be getting at least that much for the credit. Is there something that would disqualify the credit? Why am I getting $0 credit?

Re: EV Tax credit for Chevy Bolt

Critter-3 — Tue, 29 Dec 2020 01:26:11 GMT

Well until that form is functional it probably will not give you the correct amount yet ... estimated date is 2/18 but subject to change. Click on the REVIEW tab for further updates ...

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html

Re: EV Tax credit for Chevy Bolt

SteamTrain — Tue, 29 Dec 2020 01:57:32 GMT

....and, in case it applies to you. IF you have any self-employment income too, the electric vehicle credit can't be applied to reduce any SE taxes you owe (SE portion of Social Security and Medicare taxes) .

So, for people with significant self-employment income, they could still have a tax liability remaining, even though all regular income taxes have been wiped out by the vehicle credit.

Re: EV Tax credit for Chevy Bolt

AlanDMeyer — Tue, 29 Dec 2020 17:00:38 GMT

Thank you Critter-3 for the response. That is possibly the reason, though TurboTax should be able to pick up the correct phase out percentage. For my current EOY planning I dug into TurboTax some more to solve the problem. I switched to Forms mode brought up the 8936 worksheet and followed the quicklink to form 8936 where on line 4b I plugged in the 25% for which the IRS website says I should qualify.

https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-elec[product key removed]-vehicle-credit

Re: EV Tax credit for Chevy Bolt

AlanDMeyer — Tue, 29 Dec 2020 17:08:43 GMT

Thank you SteamTrain, though that does not apply to me any more since I'm retired.