Filing 2012 Federal Taxes - Form 8936

[ksnogas2112]

All, I'm willing to kill this if you feel it's not appropriate but I thought it would be a good idea to have a thread for this year's federal tax filings for questions, comments, stories or opinions. So if this should be killed just say so otherwise...

on with the countdown...

#1. I got all our documentation and started comparing HRB and TurboTax. On the TurboTax site I found:

http://www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers" onclick="window.open(this.href);return false;

Summary - EV filings won't be processed by the IRS until mid/late Feb-early March.

#2. According to the forum postings for the 2011 tax year, HRB software did not include support for the $7500 ev credit. I called HRB support and asked leading questions. They directed me to the wrong software ($79.99) and the wrong form (8910 instead of 8936). However, I did more looking on the various software packages they had and could not find one that supported form 8936.

#3. I pulled up the TurboTax site where I found the link above. Additionally in the list of supported forms for their TurboTax Deluxe - online -($29.99) you could find support for Form 8936.

 

[Computerizer]

I started working on my taxes in December already, and the only place I found that would let me use that form without going in to talk to an actual person was TaxACT Online. In the past I've always used H&R Block Tax Cut Online, but this year my tax situation got too complicated for it. I found TaxACT to work exactly the way I feel like such software should. It supports my very complex tax situation (I closed a farm business, sold a rental home, started a small business, have capital gains from investments, and bought the LEAF), and it's all supported in the Deluxe edition, which is only $9.95.

EDIT: Actually, like you mentioned, Turbo Tax does support the EV form as well. But I found that I didn't like the way the software worked.

EDIT2: "TaxACT" is the one that works for me, not "TaxAct". Sorry.

 

[ericvoll]

I did my taxes about a week and a half ago using TurboTax online: turbotax.intuit.com. The question/answer part pertaining to the LEAF was very easy and straightforward. The question/answer part for the charging station (when I claimed it last year) was equally as easy.

The tax credit is non-refundable, so it'll only eliminate federal taxes up to your federal liability. In my case, because of all of my other deductions, I'm only getting a portion of the $7500, but I won't owe any federal taxes this year.

I am now waiting to electronically submit my return. According to Intuit, the IRS is behind and won't accept returns with 8936 until 02/07/2013.

 

[Computerizer]

I am waiting for a 1099-B, which isn't required to be sent out until February 15th, so I probably won't be able to file until then. But I will let everyone here know how it goes.

 

[ericvoll]

Oh....and H&R Block is a joke. A friend of mine works there and suggested I do the second look thing. The second look thing is apparently something they do on their "free" time. I visited one of the local branches and didn't get a warm and fuzzy. They seem to be mostly staffed with minimum wage, seasonal workers. The person I spoke with was not familiar with 8936 or other related credits.

To be fair, I don't expect every H&R employee to be familiar with every credit/deduction. However, I prefer to put my faith in my anal retentive nature and TurboTax's question/answer model, than with some minimum wage H&R block representative who looks only for the most general deductions/credits.

H&R Block's software looks like a joke too.

 

[planet4ever]

The tax credit is non-refundable, so it'll only eliminate federal taxes up to your federal liability. In my case, because of all of my other deductions, I'm only getting a portion of the $7500, but I won't owe any federal taxes this year.

I hope you understand what "non-refundable" means. It does NOT mean they won't mail you a refund check. If you had payroll deductions during 2012 it only means they won't mail you a refund for more than the total you had deducted during the year. (Similar point if you were making quarterly payments.)

Ray

 

[lwaz12a]

Thank you all for the heads up in this thread. I have used HRB/Taxcut for years and haven't had problems in the past. Really disappointed with no support for 8936 (and I see that it wasn't in the forms last year). In prior years I've gotten credits filed ok with this product for geo-thermal and solar panels, not sure why this missed this. Anyway, called 800 number today and got a busy signal. Then tried to post on their customer service application on facebook which didn't work, so just did a general facebook post on their website. Not very optimistic that I'll get results, I guess I'll have to look into taxACT!

 

[Computerizer]

I got all the forms I needed a bit earlier than expected, so I was able to file with TaxACT on Saturday. In the past my return has never taken more than a couple days for processing... I've definitely got my fingers crossed this time!

 

[eclecticflower]

Having heard HRB didn't have form 8936, I started working my numbers into TurboTax for the forms I'd received while awaiting my W-2, which my work FINALLY sent me 1/30/13. I don't have enough tax liabilty for the whole $7500, so the cost of my EVSE install and equipment got zeroed out (as I anticipate every remaining deduction will, as well). Their explanation identified that you couldn't carry forward the balance of the deduction to another tax year, so I figured I'm SOL - until I was talking to the CEO of LilyPadEV the other day and mentioned that. He seemed to think I could do a carry-forward and said I should check this out with my CPA. Anyone have first-hand experience with carrying foward a deduction balance like this? Any thoughts?

In addition, as I was prepping to file, TurboTax popped an alert stating that the updated form 8936 wasn't being released until 2/8/13 and asked if I wanted to file now or wait, so I waited.

I was considering testing HRB's free Fed Return app to see how they handled these 2 deductions and see what kind of carry-forward decline I might get, before clicking "FILE" in either app (my return isn't a lot of work). Any comments on the decline/zero carry-forward issue are welcome.

 

[Computerizer]

In addition, as I was prepping to file, TurboTax popped an alert stating that the updated form 8936 wasn't being released until 2/8/13 and asked if I wanted to file now or wait, so I waited.

TaxACT didn't say anything about that. The actual form was posted on the IRS web site on Jan 21st. Intuit just needs to get their butts in gear, I guess.

 

[planet4ever]

Their explanation identified that you couldn't carry forward the balance of the deduction to another tax year, so I figured I'm SOL - until I was talking to the CEO of LilyPadEV the other day and mentioned that. He seemed to think I could do a carry-forward and said I should check this out with my CPA.

Many tax credits do allow carry forward. These two quite specifically do not.

Ray

 

[ksnogas2112]

In addition, as I was prepping to file, TurboTax popped an alert stating that the updated form 8936 wasn't being released until 2/8/13 and asked if I wanted to file now or wait, so I waited.

TaxACT didn't say anything about that. The actual form was posted on the IRS web site on Jan 21st. Intuit just needs to get their butts in gear, I guess.

Computerizer, it's not the software. Check the link:

http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013" onclick="window.open(this.href);return false;

 

[Computerizer]

In addition, as I was prepping to file, TurboTax popped an alert stating that the updated form 8936 wasn't being released until 2/8/13 and asked if I wanted to file now or wait, so I waited.

TaxACT didn't say anything about that. The actual form was posted on the IRS web site on Jan 21st. Intuit just needs to get their butts in gear, I guess.

Computerizer, it's not the software. Check the link:

http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013" onclick="window.open(this.href);return false;

I wonder why TaxACT let me file already then? Hmm... Maybe that explains why my return is stuck at "Awaiting Acceptance" according to TaxACT's status.

 

[eclecticflower]

TurboTax walked me through all the steps and acted as if it were using the form. It gave me a choice of filing or waiting until the 2-8-13 updated form release. My return probably would've gone into IRS limbo until the final form was confirmed, had I filed at that time. Don't know, just guessing. :roll: Didn't want to take that chance.

 

[ksnogas2112]

http://www.youtube.com/watch?v=XgCHOrF5ryY" onclick="window.open(this.href);return false;


:lol: :lol: :lol: :lol:

 

[Pipcecil]

Well when I did my taxes last weekend (saturday) turbotax (whom I used last year for my Leaf) mentioned the hold for form 8936 (for Volt) was until 2/7/2013 (today). I did ask them to do the email me when its ready thingie. There was no option to file at all, it refused to file. When I logged in this morning it had zero'd out my credit entirely. This should not have happened, since my tax amount was over 10k, it should have reduced it to 2.5k and I should have gotten all my money back (it happend last year and we have less deductions this year). I don't have time to play around with it at work, but I am going to boot up my computer tonight and see what is going on.

Has anyone logged in today or tried to work with turbotax today and have gotten this issue? I doesn't give me a reason, just says this credit has been reduced. Something is amiss...

 

[ksnogas2112]

Well when I did my taxes last weekend (saturday) turbotax (whom I used last year for my Leaf) mentioned the hold for form 8936 (for Volt) was until 2/7/2013 (today). I did ask them to do the email me when its ready thingie. There was no option to file at all, it refused to file. When I logged in this morning it had zero'd out my credit entirely. This should not have happened, since my tax amount was over 10k, it should have reduced it to 2.5k and I should have gotten all my money back (it happend last year and we have less deductions this year). I don't have time to play around with it at work, but I am going to boot up my computer tonight and see what is going on.

Has anyone logged in today or tried to work with turbotax today and have gotten this issue? I doesn't give me a reason, just says this credit has been reduced. Something is amiss...

<insert ANGER> I just logged in right now, noon CST, same thing. Says I owe $94. Interestingly though my state taxes dropped by $200....WTF ??? Sigh I bet we have to do the whole thing all over again. I'm giving serious consideration to going to tax preparer.

 

[Computerizer]

<insert ANGER> I just logged in right now, noon CST, same thing. Says I owe $94. Interestingly though my state taxes dropped by $200....WTF ??? Sigh I bet we have to do the whole thing all over again. I'm giving serious consideration to going to tax preparer.

My TaxACT Online is still the same, just sitting at "Awaiting Acceptance". My numbers haven't changed (getting a refund of around $12,000).

 

[eclecticflower]

Everything zeroed out for me after I reached the amount of my tax liability, I assume. I didn't pay in enough to get the full $7500. I understand they're not going to give us credit beyond our liability. Please correct me if I'm wrong...I haven't filed yet. I also want to see how HRB handles it.

 

[Pipcecil]

I think I found the cuplrit when I logged in during lunchtime. I went to that same section and it still had my Volt listed (with $0 credit). When I went to editing, it had deleted the cost amount (which I had previously provided). I am assuming that the program thinks that it must be zero without an entry and won't apply the credit. Why it deleted the amount total, I don't know. I don't have the exact amount I paid (its at home), so once I get home I will input it back in. All the other information remained (including the VIN). It is really strange they decided to delete that - something must be buggy in their software. So according to their records, I have no EV purchase and could have accidently filed today without taking the credit - glad I caught the error.