electric car federal tax credit

[Dabug-Taxes]

We bought an electric car in January, where will we be able to fill in info as we'll qualify for some if not all federal "rebate"?

If we buy an electric car in NY in 2024, would we be eligible for another federal "rebate"?

[Lydia23]

Hello Dabug,

In TurboTax you can select search and type in "Clean Vehicle Credit" and it will take you to the screen to enter your vehicle information.  You can also locate it in the Deductions & Credit section.   Below is an article that gives a few more details on the credit and how it is applied. 

https://turbotax.intuit.com/tax-tips/going-green/filing-tax-form-8936-qualified-plug-in-electric-dri...

According to the IRS beginning in 2024 the rebate is effectively refundable as long as the dealer transfers the credit to the buyer to reduce the sales price. So in 2024 you can get an instant rebate rather than waiting to file your taxes.  But keep in mind even though you get the credit in advance you will still have to report it on your taxes that you made that election.  Here's the IRS fact sheet regarding the 2024 change

https://irs.gov/pub/taxpros/fs-2023-22.pdf

Thanks for stopping by today

Lydia