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Can I claim the EV credit for my LLC using Turbo Tax Home & Business?

I'm filing my taxes using Turbo Tax Home and Business. I'm filing jointly and my AGI is higher than the IRS limit for the EV credit. However I purchased this vehicle for my LLC and I'd like to claim this credit for my business. I can't seem to find a way to do this using the software. 

 

I'm a sole proprietor of my LLC, so I'm doing a passthrough to report my taxes (not reporting a separate return for my business). 

 

Is there anyways I can still claim this credit? 

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2 Replies
PatriciaV
Expert Alumni

Can I claim the EV credit for my LLC using Turbo Tax Home & Business?

Yes, you may be able to claim the Clean Vehicle Credit for an electric vehicle used for business. This topic appears under Deductions & Credits >> Cars and Personal Property.

 

Use the search box in the upper right of the TurboTax header and enter "energy efficient vehicle." Hit Enter, then click the jump-to link to go directly to that topic. As you answer the questions about your vehicle, look for the page "Tell Us More About Your Plug-In..." and check the box for "This vehicle is used for business." Enter the percentage business use in the box that appears.

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Can I claim the EV credit for my LLC using Turbo Tax Home & Business?

I don't think that quite works. I'm stuck on the page that blocks me because it thinks that my MAGI is above the limit for the credit. Once I enter my MAGI, the next page says I'm not eligible and ends the entire dialogue. I have also tried to fill out the corresponding form (8936) by hand, but Turbo tax prevents me from filling that section out as well. 

 

But I'm reading from IRS that I should be able to apply this as a nonrefundable credit towards my business earnings. Is there a way to do this through turbo tax? 

 

 

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