EV Federal Tax Credit

[awillett2183]

Back in 2021, I ordered a new Volkswagen ID.4 EV.  The vehicle was built and shipped to me in 2021, but it didn't arrive ready for me to purchase until early May of 2022. The model year is a 2021.  I see that my vehicle year, make and model is still listed on the IRS website as being eligible for the federal tax refund of $7,500, but what do I need to do or what forms do I need to have or completed to make sure I receive the credit and the maximum amount for the credit? Is there anything I need to do prior to filing next year? Are there any forms I will need look out for in the mail from VW or the IRS? My dealership didn't seem to know much if anything about it.  Thank you

[erinm0717]

Hello @awillett2183 ! Happy to assist!

Here is a great link which has information on the Qualified Plug-In Electric Drive Motor Vehicle Credit: Filing Tax Form 8936: Qualified Plug-in Electric Drive Motor Vehicle Credit .  You will need to complete Form 8936 on your tax return.  

In order to enter this in TurboTax, you can follow these steps:

1) Go to Deductions and Credits

2) Scroll down to the Cars and Other Things You Own section

3) Select start next to Energy-Efficient Vehicles

You will need to complete all of the questions in that section.  Then the form and the credit will be generated.  

Here is a copy of the Form 8936 so you have an idea of the information that you will need to provide: https://www.irs.gov/pub/irs-pdf/f8936.pdf 

In addition, here is a link for the Form 8936 instructions in case you have any questions on any of the fields: https://www.irs.gov/instructions/i8936 

I hope this helps and please reach out if you need further clarification!