Hello - we purchased a Tesla model 3 in June, but TurboTax is saying that it isn't an eligible vehicle and continues to suggest that we delete the entry. Our understanding is that we should qualify for a $3,750 credit. Has anyone else experienced this? Note that we're using the downloaded version of TurboTax, not the web based one.
Form 8834, Qualified Electric Vehicle Credit Estimated date available 02/05/2020, subject to change.
It originally stated 1/23, and now it's 2/5. What's the hold up?
Doubt anyone will be able to tell you why it is delayed however if you want the credit you will have to wait ... most likely it is the IRS that is holding things up ... there were last minute changes on top of the form changes so some things are delayed ... they work on the common forms first and forms like your credit get pushed to the back of the line as it is not commonly used.
The form IS available for tax year 2019. It was last revised in December 2019, applicable to tax year 2019. There is no current hold by the IRS.
Available as a paper form and available in an income tax program are NOT the same thing ... the IRS must issue programming specs then the software developers must incorporate that into the program. THEN the form must be tested & submitted to the IRS for approval ... only then can it be operational in the program. This has always been the way it works and the most common forms are attended to first ... so you will have to wait .... see the availability chart here ( dates are always subject to change) ...https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html
Turbotax should just put an "unknown" time then assume one. I'd of gone a different route instead of buying this software if I'd known this one form would be held up.
The federal credit will calculate once the program updates for Form 8936. You can check on the status of that form here: IRS Forms Availability in TurboTax.
The calculations are tied in with the form itself, which is scheduled to be released shortly.
That link is worthless. It originally stated 1/23, then 2/5, and now 2/12. May as well just say “check weekly”
Turbo tax is showing me 7000 tax credit for a model 3 I purchased in May. I thought it was eligible for 3750. Anyone else find this issue?
@Anonymous wrote:
Turbo tax is showing me 7000 tax credit for a model 3 I purchased in May. I thought it was eligible for 3750. Anyone else find this issue?
See this TurboTax support FAQ for the Form 8936 calculation error - https://ttlc.intuit.com/community/tax-topics/help/form-8936-qualified-plug-in-electric-drive-motor-vehicle-credit-is-not-calculating-correctly/01/1147839