Luft
Well-known member
Does a person forfeit the standard deduction by claiming the reduction in Federal tax liability given for the LEAF purchase :?:
Just to clarify: the federal tax credit is not refundable and doesn't carry over to future years (like the solar tax credit). That means that one must have a tax owed of at least $7500 to be able to claim it all (line 46 on the 2010 Form 1040). [However, this has nothing to do with getting a tax "refund" because too much tax was withheld during the year.]Tardis said:There are tax credits and deductions
Deductions would require you to itemize and thus "override" the standard deduction if it exceeds the standard deduction.
Credits are applied to you final tax tally, reducing your tax liability or increasing refund dollar for dollar
This applies only if the car is being leased.My understanding is that the 7500 is a tax credit which allows dealers to apply dollar for dollar as payment on car.
I use TaxACT online and it has both of these areas covered in their software for 2011. I can't believe the other packages will not have it.ebill3 said:For many years, I have used tax preparation software as my personnel situation easily allows such. My problem is that I can not find out which packages will support the above mentioned credits.
I don't know that Turbo Tax does not support the credits. Actually, I became frustrated and gave up trying to contact anyone at Turbo Tax. I tried finding a telephone number, but got caught in a loop.Volusiano said:That's a bummer that Turbo Tax doesn't support it. Did you call their customer support and ask for sure? Maybe their business version supports it or something. I've been using Turbo Tax myself for years.
Thanks for the tip. I'll certainly check them out. As to H & R Block, perhaps I just got bum information, as it does seem strange that they would not include such credits.ttweed said:I use TaxACT online and it has both of these areas covered in their software for 2011. I can't believe the other packages will not have it.
ebill3 said:As to H & R Block, perhaps I just got bum information, as it does seem strange that they would not include such credits.
ebill3 said:Rather than start a new tax thread, thought I would resurrect this one. Disclaimer - I have zero tax expertise.
It appears that many LEAF purchasers have two Federal tax credits available to them. If they have a large enough tax liability, then all should benefit from the $7,500 tax credit (IRS Form 8936). If a person did not receive a free EVSE installation and paid for such an installation, then a 50% credit is available (IRS Form 8911)....
Bill
Well, I have not seen the year 2011 IRS form 8911, but the 2010 form shows a multiplier of .30 for Hydrogen Refueling Property, and .50 for Other Refueling Property.thankyouOB said:ebill3 said:Rather than start a new tax thread, thought I would resurrect this one. Disclaimer - I have zero tax expertise.
It appears that many LEAF purchasers have two Federal tax credits available to them. If they have a large enough tax liability, then all should benefit from the $7,500 tax credit (IRS Form 8936). If a person did not receive a free EVSE installation and paid for such an installation, then a 50% credit is available (IRS Form 8911)....
Bill
This is good, but the credit is 30% NOT 50%.
Well, not really. I am quite sure Turbo Tax will import At Home data, and TaxAct says they will import At Home data in pdf format. As I recall, you can save At Home as a pdf file.mwalsh said:ebill3 said:As to H & R Block, perhaps I just got bum information, as it does seem strange that they would not include such credits.
H&R Block also told me no for this year. I'm kind of bummed...I've been using their online service for years, making each year a relatively easy proposition. Now I have to go through entering all my crap again in somebody else's product. :x
Thank you for that information - I gave up trying to find out from Turbo Tax.asinclair said:I have been doing some research on tax programs for this year, and it looks like Turbo Tax Deluxe and Tax Act Deluxe both include support for the charging station credit (Form 8911) and the EV Credit (Form 8936). H&R Block does not.
I hope that helps...
I would think the Turbo Tax software should support it (esp. given that Intuit, the makers of the software are based in Mountain View, CA, not far from the Googleplex). I've been using Turbo Tax for ages and recall being asked questions about qualifying alternative energy vehicles. I used it for tax year 06 for the tax credit on my Prius.ebill3 said:I don't know that Turbo Tax does not support the credits. Actually, I became frustrated and gave up trying to contact anyone at Turbo Tax. I tried finding a telephone number, but got caught in a loop.Volusiano said:That's a bummer that Turbo Tax doesn't support it. Did you call their customer support and ask for sure? Maybe their business version supports it or something. I've been using Turbo Tax myself for years.
Bill
You are missing the 2011 form.ebill3 said:Well, I have not seen the year 2011 IRS form 8911, but the 2010 form shows a multiplier of .30 for Hydrogen Refueling Property, and .50 for Other Refueling Property.thankyouOB said:ebill3 said:Rather than start a new tax thread, thought I would resurrect this one. Disclaimer - I have zero tax expertise.
It appears that many LEAF purchasers have two Federal tax credits available to them. If they have a large enough tax liability, then all should benefit from the $7,500 tax credit (IRS Form 8936). If a person did not receive a free EVSE installation and paid for such an installation, then a 50% credit is available (IRS Form 8911)....
Bill
This is good, but the credit is 30% NOT 50%.
Like I say, I have zero tax expertise, so what am I missing?
Bill
ebill3 said:Well, I have not seen the year 2011 IRS form 8911, but the 2010 form shows a multiplier of .30 for Hydrogen Refueling Property, and .50 for Other Refueling Property.thankyouOB said:ebill3 said:Rather than start a new tax thread, thought I would resurrect this one. Disclaimer - I have zero tax expertise.
It appears that many LEAF purchasers have two Federal tax credits available to them. If they have a large enough tax liability, then all should benefit from the $7,500 tax credit (IRS Form 8936). If a person did not receive a free EVSE installation and paid for such an installation, then a 50% credit is available (IRS Form 8911)....
Bill
This is good, but the credit is 30% NOT 50%.
Like I say, I have zero tax expertise, so what am I missing?
Bill
Yes - even though the 2011 form is not available, it appears that it is 30% for all alternate fueling equipment installed in 2011. I stand corrected, darn it.smkettner said:You are missing the 2011 form.
Also keep in mind the refueling credit is subject to AMT so if the vehicle and refueling equipment are purchased in the same year there is a good chance the refueling credit will not apply. That is my understanding YMMV.
Here are all the forms Turbo Tax Deluxe supports. Looks like they have solar covered too.asinclair said:I have been doing some research on tax programs for this year, and it looks like Turbo Tax Deluxe and Tax Act Deluxe both include support for the charging station credit (Form 8911) and the EV Credit (Form 8936). H&R Block does not.
I hope that helps...
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