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IRA Credit for 2022 EV

Under the transition rules for IRA for the IRC 30D EV credit, if I have a prior to 08/16 purchase agreement for an eligible 2022 vehicle but did not take delivery of the car yet, I can still claim old credit. It would need to be treated as if it was purchased prior to 08/16. In this situation 

1) What kind of paperwork do I need to show for claiming this in turbo tax 2023 season?  I have a dealer signed purchase order from March ‘22  that says “Not binding unless not signed by dealer”. It has specifics of new vehicle, agreed purchase price, and $1000 (2.5% total) deposit. Is this sufficient? Or do I need to make an explicit purchase agreement before 08/16 with a 5% deposit?

2) Is the credit for Toyota brand vehicles subject to any phaseout after 09/30? Since the IRA came into effect would it stop the count for 200k vehicle limit?

 

I am anticipating that I will take delivery and complete registration for a 2022 Toyota RAV4 Prime in month of October.

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2 Replies

IRA Credit for 2022 EV

You most likely are not going to get an answer to your question on this board since not many have scrutinized (or even read, for that matter) the IRA.

 

@Opus17 has done more than most here but obviously has not yet posted an answer to this thread nor the other one you started (and since deleted).

IRA Credit for 2022 EV

There will be an "Ask the Experts" event tomorrow (9/28) which will specifically address the Inflation Reduction Act. 

 

You might want to repost your question tomorrow.

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