Newbie Confused with Desktop Turbotax

[TBthere]

Hi, Every expert:

Whatever how do I fill the form, my brand new Tesla's $7500 Credit only shows on Business spend but it does show on Federal Credit refund.

I do family joint on my desktop. I got my Tax Due after I followed the expert Joann let me do separate with my wife. I purchased Turbo Tax to get a Tax Refund. Joann makes me feel like she is an agent of the IRS! 

Who can help me get my Tesla $7500 shown on the Federal Refund?

Thank You!

[PatriciaV]

If your Tesla credit relates to your business, you need to report at least that much in business income in order to receive the business credit. Instead, your screenshot shows close to an $18K loss.

[TBthere]

Thank you for your reply.

Tesla Purchased $41962.

Start Uber from Sep, 28 to Dec. 31 in 2023. Earning $15959. 

41962 - 15959 = 26003

So, I can get that $7500 if I earned the difference of $26003?

[RobertB4444]

No.  You needed a profit of $7500 from your business and the Tesla would have wiped out that profit.

Your business shows that not only did you not make money you lost almost 16000 dollars.  

The numbers that you are typing and the ones that are on your tax return do not match.

It might be a good idea to hire someone to help you do your taxes this year.  It's your first year with a business and that can be tricky.  You can hire someone through TurboTax or a local professional but you should get another set of eyes on your return.

@TBthere 

[TBthere]

Thank you for your advice!

I adjusted the Profit but Tesla's $7500 still does not show on the Federal Refund. 

Where do I need to deal?

[DaveF1006]

If your only income is self-employment income, you won't receive a credit for your Tesla. This is because your profit does not exceed your standard deduction for the year thus there is no tax liability.  A Tesla credit is a non-refundable credit meaning that if there is tax liability then that credit will help reduce the tax liability to zero. If it is already zero, then the credit cnnot be used.

To verify, go to the forms mode in your program and look at the 1040. look at line 16 on the 1040.  if there is a zero there or line 24, then the credit cannot be used

[TBthere]

Thank you for giving the clues.

I asked Telsa Salesman for the qualified $7500 back for doing Uber before I paid. They said "Yes".  I never expected I would not have it back because I’m self-employed. All Uber drivers are self-employed. So, nobody can get it back with the same situation?

Almost the Deadline, I so regret purchasing the brand new Tesla now!!!!

[TBthere]

How much to hire an expert to help me deal with my Tesla $7500 credit refund?

[JotikaT2]

If you would like to have an expert prepare and file your tax return, please see this link for more details on how to utilize TurboTax Live Full Service.

If you want to have an Expert review your return, TurboTax Live is available but is only available if you are using the online version of TurboTax.  Please see this link for additional information on this option.

[fanfare]

If you want to pursue this further and think you can get any credit, file Form 4868 request extension of time.

any final tax due will be due and payable April 15,

@TBthere 

[TBthere]

Thank you for the reply.

Where can I get the form 4868?

[VolvoGirl]

For the Desktop program,  type extend in the search and click on the Jump to link.  Or go to  Other Tax Situations----then scroll down to Other Tax Forms---File an Extension

Extensions form your computer must be printed and mailed.

Or use the online "Easy Extension".

https://turbotax.intuit.com/irs-tax-extensions/

[TBthere]

I follow to find the line, only zero shows on 16, but some shows on Line 24. 

How do I adjust it?

[VolvoGirl]

You don't owe any regular income tax on your income on lines 16 and 22. BUT you owe self employment tax on line 23 & 24.  You can't reduce the self employment tax with any credits.  You can only reduce regular income tax.  

[MonikaK1]

From your screenshot, it appears that your tax on Line 24 is from self-employment tax, not income tax. 

Nonrefundable credits such as the Clean Vehicle Credit can only be applied to income tax. The self-employment tax (what you pay instead of Social Security withholding as a self-employed person) is added to your return after any credits are deducted from income tax.

@TBthere