I purchased a Toyota Prime Plug in January of 2022, and it has a listed tax credit of 4502.00. I am not familiar with the 8936 forms, but I am thinking this form is to be submitted at the end of 2022 along with your 1040 for that year and is not to be submitted any sooner.
Toyota will soon reach its 200,000 EV/Plug in limit for a full tax credit and will begin to phase the tax credit out. My question is since I purchased my plug in on 1/10/22 will I be in line for the full tax credit specified above vs. other folks who purchased their vehicles later in the year after the 200,000 limit was reached? Thanks for any input you or the community can provide. Avery
From user SundayInSalem -
Form 8936 includes a box to enter your purchase date to ensure your vehicle qualifies for the credit. IRS will post a cut-off date if and when the quota is reached. You will be eligible if you purchase your Prius Prime prior to that date.
You can’t file Form 8936 now for an electric vehicle purchased in 2022 because this form must be filed with a 2022 return, which is not ready.