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rsmith1
New Member

I am showing a 5625.00 credit for the electric car i purchased in 2016 but it doesn't reflect on my refund. Your site says that's cash in my pocket....

also. do i need to put a 1098T and 1098Q on MY return for my full time college student, or just on her return?
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Accepted Solutions
BMcCalpin
Level 13

I am showing a 5625.00 credit for the electric car i purchased in 2016 but it doesn't reflect on my refund. Your site says that's cash in my pocket....

The credit for the electric car is a nonrefundable credit. That is, it can be used to reduce your tax to zero, but cannot be refunded.

If your tax was already zero before the information for the car was added, then it would not have changed your refund, because the credit could not be used in this case. This may be your situation.

As for your 1098-T and 1099-Q, if your daughter is listed as your dependent, then you need to report both forms on your return.

The good news is that the American Opportunity credit (if your daughter is eligible) is partially refundable, so this may increase your refund.

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1 Reply
BMcCalpin
Level 13

I am showing a 5625.00 credit for the electric car i purchased in 2016 but it doesn't reflect on my refund. Your site says that's cash in my pocket....

The credit for the electric car is a nonrefundable credit. That is, it can be used to reduce your tax to zero, but cannot be refunded.

If your tax was already zero before the information for the car was added, then it would not have changed your refund, because the credit could not be used in this case. This may be your situation.

As for your 1098-T and 1099-Q, if your daughter is listed as your dependent, then you need to report both forms on your return.

The good news is that the American Opportunity credit (if your daughter is eligible) is partially refundable, so this may increase your refund.

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