The question is asking me if I assigned my motor vehicle tax credit to a financing company and I'm clicking NO but it is giving me an $8000 credit

[JohnW152]

It sounds like you're referring to Colorado's Innovative Motor Vehicle Credit.  If so, the program is working correctly.

At the beginning of the Innovative Motor Vehicle Credit interview is a screen titled Motor Vehicle Tax Credit Assigned to Financing Company?.  The text below is, Did you assign your motor vehicle tax credit to a financing company? 

If you select Yes, this means that you've assigned the credit to a financing company, and you won't get the credit on your tax return.

If you select No, you may be eligible for the credit, assuming other requirements are met.

If this isn't what you're referring to, feel free to post back with more information.

[jdwb110912]

Hi!  

This is exactly the question I am referring to, but I own my car outright and have for years.  I am not able to skep the question.  So, which do I select?  So confusing!

Thank you so much for helping me with this!

Danika

[JohnW152]

I see what you're getting at.  To remove the innovative motor vehicle credit information in TurboTax Online: 

1. Open TurboTax Online
2. Select  Tax Home in the left pane
3. On the  Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the State Taxes box, then select Start, Continue, or Pick up where you left off
4. Proceed through the state screens until you come to the Take a look at Colorado credits and taxes screen
5. Near the top of the page, select Edit to the right of Innovative Motor Vehicle Credit
6. On the  Motor Vehicle Tax Credit Assigned to Financing Company? screen, answer Yes

This will remove the credit from your return.  Don't worry, you're not perjuring yourself by making this statement.  The state doesn't see this response -- your answer simply disqualifies you for the credit within the TurboTax program.

[garylancelot]

This is a very confusing question when a person didn't have any applicable situation relating to the credit. I had the same issue. If it can't be entirely removed, TurboTax should at the very least update the question to include an answer of , "Does not apply to me. I did not purchase a qualifying vehicle in [Year]." It would eliminate this very confusing issue.

I spent over an hour reviewing everything I had entered again and again, trying to figure out why this question was asked. Never found the answer until I found this thread. HUGE waste of time, though I am grateful for the answer given above. Intuit really needs to fix this! Such a waste of time over what should have been a simple answer where it doesn't apply. It's very frustrating.

[garylancelot]

See above ⬆️