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about EV IRS tax credit I was approved for $7500 but got only 2250 why?

 
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4 Replies
ee-ea
Level 15

about EV IRS tax credit I was approved for $7500 but got only 2250 why?

In about 2 weeks the IRS will send you a letter of explanation.

about EV IRS tax credit I was approved for $7500 but got only 2250 why?

....or are you talking about on your actual tax forms?

 

IF that is the case, the tax credit can only offset yoru income tax assessed, and no more than that.

 

Nor can it reduce any Self Employment taxes (ss & Medicare taxes) from your Uber gains (if any).

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

about EV IRS tax credit I was approved for $7500 but got only 2250 why?

No I did mot look at any of my forms yet , its what Turbo Tax Deluxe stated that of the $7500 that I and my car qualified for i got $2250 defuction . It also mentioned its because of what i enteted earlier . I am an Uber driver and I used the same car for the last 3 months (&deducted the work miles)of the year after I disposed of my other 2017 EV which i used for rhe first 9 months ? What do I need to adjust or change do i get the full defuction . I still owe the IRS $3250

about EV IRS tax credit I was approved for $7500 but got only 2250 why?

If you used that EV car for your SE business (uber) and also personal use (likely) ?

 

Then I suspect you're going to need someone who knows the details of business expenses, and also personal vs. business use of the vehicle (not something I'm even remotely conversant about).

 

Perhaps one of those more knowledgeable folks will see this and respond.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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