I know this has been discussed in some other threads but I figured a thread specifically for it might be good if others are having the same problem.
Is anyone else having a problem with the IRS decreasing/rejecting your 7500 rebate for the Leaf based on TMT (tentative minimum tax)? I do not owe AMT but had my 7500 rebate basically nulled out because of TMT. I am having a tough time getting a straight answer from the IRS and don't know a good tax professional in Texas who is familiar with EV credits. If anyone can recommend a tax profession familiar with EV credits I would appreciate it. Paying someone for a consult or whatever would be worth it if I can get the rebate for my LEAF.
I think I figured out where the confusion is. There are two credits with similar names. 6251 instructions refers to the "Qualified Electric Vehicle Credit" which is form 8834. 8936 "Qualified Plug-in Electric and Electric Vehicle Credit" is not supposed to be subject to AMT or TMT at least it does not specifically mention AMT/TMT the way 8834 does:
From instructions for 6251: You claim the qualified electric vehicle credit, the personal use part the alternative fuel vehicle refueling property credit.
8834 Qualified Plug-in Electric and Electric Vehicle Credit (2 and 3 wheeled cars and slow cars, like golf carts)
8936 Qualified Plug-in Electric Drive Motor Vehicle Credit (regular cars that are electric)
I also found this but I don't know if that refers to everything or only to for 8910 "Alternative Motor Vehicle Credit":
Treatment of Alternative Motor Vehicle Credit as a Personal Credit Allowed Against AMT (Section 1144): Starting in 2009, the new law allows the Alternative Motor Vehicle Credit, including the tax credit for purchasing hybrid vehicles, to be applied against the Alternative Minimum Tax. Prior to the new law, the Alternative Motor Vehicle Credit could not be used to offset the AMT. This means the credit could not be taken if a taxpayer owed AMT or was reduced for some taxpayers who did not owe AMT.
Is anyone else having a problem with the IRS decreasing/rejecting your 7500 rebate for the Leaf based on TMT (tentative minimum tax)? I do not owe AMT but had my 7500 rebate basically nulled out because of TMT. I am having a tough time getting a straight answer from the IRS and don't know a good tax professional in Texas who is familiar with EV credits. If anyone can recommend a tax profession familiar with EV credits I would appreciate it. Paying someone for a consult or whatever would be worth it if I can get the rebate for my LEAF.
I think I figured out where the confusion is. There are two credits with similar names. 6251 instructions refers to the "Qualified Electric Vehicle Credit" which is form 8834. 8936 "Qualified Plug-in Electric and Electric Vehicle Credit" is not supposed to be subject to AMT or TMT at least it does not specifically mention AMT/TMT the way 8834 does:
From instructions for 6251: You claim the qualified electric vehicle credit, the personal use part the alternative fuel vehicle refueling property credit.
8834 Qualified Plug-in Electric and Electric Vehicle Credit (2 and 3 wheeled cars and slow cars, like golf carts)
8936 Qualified Plug-in Electric Drive Motor Vehicle Credit (regular cars that are electric)
I also found this but I don't know if that refers to everything or only to for 8910 "Alternative Motor Vehicle Credit":
Treatment of Alternative Motor Vehicle Credit as a Personal Credit Allowed Against AMT (Section 1144): Starting in 2009, the new law allows the Alternative Motor Vehicle Credit, including the tax credit for purchasing hybrid vehicles, to be applied against the Alternative Minimum Tax. Prior to the new law, the Alternative Motor Vehicle Credit could not be used to offset the AMT. This means the credit could not be taken if a taxpayer owed AMT or was reduced for some taxpayers who did not owe AMT.