So I didnt know this as the form was pushed out yesterday night. I E-Filed and it was accepted, now your saying the form is messed up. Would I need to amend taxes now?
You may need to file an amended return. You would not file the amended return until Form 8936 is fixed, and your original return is processed.
I would sign up for the e-mail that CatinaT1 put above when Form 8936 is fixed and follow the instructions on the e-mail.
This is so upsetting. I waited a month to get the form 8936 entered into TT so I could finally complete my taxes. Was thrilled to see the $7500 credit. I knew nothing about a phaseout, and now a week later it’s like “Psych…fooled you. You only get $1875.” So now we’re stuck with a giant Trump tax bill. Oh, it gets better; after you hit Done, you find out other deductions you’ve taken reduce it even more! Dropped again from $1875 to only $469. Yes, you’re going to say it’s not TT, it's the IRS. But TT served up a big “Good News!” and then a devastating disappointment. GRRRR.
In the box you should use 7500 and it will say you have 1875 credit. I did the same thing. You should get 1875 instead of 469.
Hope this helps.
JB
The issue is supposed to be fixed sometime today 2/21/2020. See here: Form 8936 calculations
Please also update your program before fixing the reject.
If you are using TurboTax online version, I suggest you also clear your cache before logging back into the program. To clear cache, click here
https://ttlc.intuit.com/community/troubleshooting/help/how-to-clear-your-cache/00/26135