Where to fill out amended 1040x for a Tax Credit for EV purchase in 2023 line 23 of form 8936

[mas1998]

Please explain where the tax credit for an EV purchased in 2022 showing $7500 credit (on Form 8936 Qualified EV) would go on a 1040-x amended tax form for my already filed 2022 taxes? is it under payments and then line 15 refundable credits from: other?

thanks

[VolvoGirl · Accepted solution]

No.  It is a non refundable credit.  It goes on line 7.

It's not whether you get a refund or tax due.   And the withholding doesn't matter.  It's if you have a tax liability on your income.  Look at your 1040 line 22 for total tax. So as long as Line 22 is more than $7500 (before applying the credit), you can use the whole credit.  It will reduce your income tax (but only to zero).  If your non-refundable credits reduce your tax to 0 you will get back all the withholding and payments and any Refundable Credits. Unless you owe for something else like self employment tax or the 10% Early Withdrawal Penalty on IRA withdrawals.

[mas1998]

Thanks!

[Mike9241]

from IRS

https://www.irs.gov/pub/taxpros/fs-2023-08.pdf 

Q8: If I purchased or entered into a written binding contract to purchase my new clean vehicle after December 31, 2021, and before August 16, 2022, and placed it in service after December 31, 2022, what requirements apply and what tax year’s return can I claim the new clean vehicle credit on (added March 31, 2023)?
A8: If you purchased or entered into a written binding contract to purchase a new clean vehicle after December 31, 2021, and before August 16, 2022, but took possession on or after August 16, 2022, you may claim the credit based on the requirements for the credit that applied on August 15, 2022, the day before the IRA was enacted. To do so, you are required to claim the credit on a tax return for tax year 2022. Depending on the date the vehicle is placed in service, you may claim the credit on an original, superseding, or amended return for tax year 2022.

however, if you didn't purchase or enter into a written binding contract before 8/16/2022. the year to claim the credit is the year you took possession. (2023 return) 

if you qualify for the pre-order/binding contract  exception enter the acquisition date on the amended return as 8/15/2022