No, generally, it is taken in the year you purchase the vehicle. You may be able to amend your income tax return to take advantage of the electric plug-in vehicle credit.See How to amend (change or correct) a return you already filed
Federal Tax Credits for All-Electric and Plug-in Hybrid Vehicles: Federal Tax Credit Up To $7,500: All-electric and plug-in hybrid cars purchased in or after 2010 may be eligible for a federal income tax credit of up to $7,500. The credit amount will vary based on the capacity of the battery used to power the vehicle. State and/or local incentives may also apply. See https://www.fueleconomy.gov/feg/taxevb.shtml
- 2012–15 Toyota Prius Plug-in Hybrid $2,500
- 2017 Toyota Prius Prime Plug-in Hybrid $4,502
- This credit does not apply to pre-owned or used vehicles.
The Plug-in Electric Drive Motor Vehicle Credit is reported on Form 8936, the Plug-In Electric Drive Motor Vehicle Credit applies to certain manufactured electric or plug-in hybrid electric vehicles which draw electricity from a battery recharged from an external source of electricity. The credit ranges from $2,500 to $7,500 depending on battery capacity and weight.
TurboTax will ask about your electric vehicle and help you with this credit.
To enter your Plug-in Electric Drive Motor Vehicle Credit:
- Log on to TurboTax and click on the orange button, Take Me To My Return.
- Click on the Federal Income tab (Personal Tab in the Self-employed version).
- Click on Deductions & Credits.
- On the Your 2016 Deductions & Credits screen, scroll down to Cars and Other Things You Own.
- Click Start/Edit/Update next to Energy-Efficient Vehicles.
- Continue with the onscreen interview until complete.