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?

[Anita01]

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

[hhaezz]

how do you know if you did that?

[RobertG]

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

[marbear272]

I am in process of completing my taxes and in my state taxes it's saying I get this credit and when I click Edit, it asks me if I assigned my tax credit to a financing company...but the problem is, I did NOT purchase a qualifying vehicle, so how do I get rid of this on my taxes? 

(I purchased a certified used 2020 Toyota 4Runner in 2023... to my knowledge this does not qualifty for this credit as it's not electric, or hybrid or anything...)

[AmyC]

Without a qualifying vehicle, you should not have the credit. The car doesn't have any place on the return unless you have it for business use, along with possible sales tax on the federal sch A if you itemize.  You may be able to delete the form containing your vehicle.

If you are using:

• Online: see How do I view and delete forms in TTO?
•  Desktop: If you are working in the cd/download TurboTax program:
  1. On the top right, there is a FORMS button. 
  2. Click on FORMS.
  3. Locate the form you want to delete.
  4. Click on the form name.
  5. Below the form, bottom left, select DELETE FORM button. 

@marbear272 

[marbear272]

I have my 4Runner listed under my business as using it partially for business use and I entered my tracked business mileage for the year. I dont have it listed under deductions as I take a standard deduction. I cant find anywhere else that it's listed and why it's giving me this credit...