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trim723
New Member

Turbo Tax Question: "Did you assign your Motor Vehicle Tax Credit Assigned to Financing Company?" Is this asking me is I financed my new car purchase?

 
3 Replies
Anita01
New Member

Turbo Tax Question: "Did you assign your Motor Vehicle Tax Credit Assigned to Financing Company?" Is this asking me is I financed my new car purchase?

No, it's asking if you assigned your credit to the loan company so they could take it instead of you.

hhaezz
New Member

Turbo Tax Question: "Did you assign your Motor Vehicle Tax Credit Assigned to Financing Company?" Is this asking me is I financed my new car purchase?

how do you know if you did that?

RobertG
Expert Alumni

Turbo Tax Question: "Did you assign your Motor Vehicle Tax Credit Assigned to Financing Company?" Is this asking me is I financed my new car purchase?

At the time you purchase your vehicle the dealer will tell you if you can claim the Plug-In Electric Drive Motor Vehicle Credit, or if the dealer will claim it.  Sometimes the dealer will claim it and reduce the price of the car to you.  This way you get the full benefit regardless of your tax situation.  Some dealers let you claim it.

 

@hhaezz @trim723

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