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Colorado innovative vehicle credit

As I look at the summary for my Colorado return, it did not pick up my EV car credit from the federal. I can’t find the form to enter it. I’ve filled out the Dr 0617 form manually that I will send in. 

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MayaD
Expert Alumni

Colorado innovative vehicle credit

To file form Dr 0617 in TurboTax:

  1. Open you Colorado Return.
  2. Continue until you get to the screen Take a look at Colorado credits and taxes
  3. Under Personal, Home and Family Credits, Select Start next to Innovative Motor Vehicle Credit. 

 

A credit can be claimed by any taxpayer for each qualifying motor vehicle or truck they purchase, lease, or convert. A Colorado income taxpayer need not be resident in order to qualify for the credit. In the case of a lease of a qualifying motor vehicle or truck, the credit is allowed to the lessee and not to the lessor, except for certain short-term leases of motor vehicles through transportation network companies, discussed on page 3 of this publication. State and local governments cannot claim the credit.

CO Department of Revenue

 

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7 Replies
MayaD
Expert Alumni

Colorado innovative vehicle credit

To file form Dr 0617 in TurboTax:

  1. Open you Colorado Return.
  2. Continue until you get to the screen Take a look at Colorado credits and taxes
  3. Under Personal, Home and Family Credits, Select Start next to Innovative Motor Vehicle Credit. 

 

A credit can be claimed by any taxpayer for each qualifying motor vehicle or truck they purchase, lease, or convert. A Colorado income taxpayer need not be resident in order to qualify for the credit. In the case of a lease of a qualifying motor vehicle or truck, the credit is allowed to the lessee and not to the lessor, except for certain short-term leases of motor vehicles through transportation network companies, discussed on page 3 of this publication. State and local governments cannot claim the credit.

CO Department of Revenue

 

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Colorado innovative vehicle credit

Perfect. Thanks. 

Colorado innovative vehicle credit

This is not working in the current version of CO state tax for 2023.

I am only able to take one vehicle as credit not two. This seems to be a bug in Turbo Tax.

 

 

Colorado innovative vehicle credit

Well this is amusing, TurboTax at the bottom of the Form states:

 

"If you have more than one vehicle qualifying for this creed, a separate form dr 0617 is required to be completed and attached to your Colorado income tax return. 

 

TurboTax does not support more than on copy

"

 

Bit of a joke is this not the business TT is in? 

When will this be fixed so I can file my state taxes?

MonikaK1
Expert Alumni

Colorado innovative vehicle credit

You are correct, a separate form is required to claim a second vehicle for this Colorado credit.

 

In order to claim the credit for more than one vehicle in TurboTax, you will need to print an additional CO Form DR 0617, complete it manually, and mail in your return.  The credit amount for 2022 is $2,000 per new EV purchased in  2022 and $1,500 for one leased for at least 2 years.  See CO EV Credit for more information.

 

In the alternative, you could e-file your return with just one of the forms, and later file an amended return by mail to add the second form.

 

See here for another discussion of this issue.

 

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Colorado innovative vehicle credit

Thanks for the reply.

 

The refund is $5000/new EV that qualifies.. I.e. Tesla Model Y for me.

 

I will end up sending a hard copy in for my CO taxes in instead of electronic since TurboTax is lacking the ability to have more than one car. This is highly disappointing that such a basic feature is missing. 

 

What I found I can do, is override the credit from $5000 to $10000, fill out the form for each car and print them out separately. TT does do the correct calculations once I do the override. 

Ceitel
New Member

Colorado innovative vehicle credit

Will this issue of only one ev submission in turbo tax be fixed any time soon @MonikaK1 ?

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