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2013 How to file $7500 tax credit ?

5K views 9 replies 8 participants last post by  Dante 
#1 ·
Can anyone tell me if there is a special tax form to file for the $7500 tax credit.

I purchased a new 2013 in Jan 2013.

Thanks.
 
#4 ·
Hi..as the other answer noted, use form 8936. The calculated credit of up to $7500 can/does offset the alternative min. tax (AMT). But, if your total tax liability before any additional taxes like self-employment tax, is less than $7500, your allowed credit is only the amount of the tax liability. So, if your liability was only $5000, your credit is limited to $5000. The additional $2500 is not refundable. Your tax liability for the credit limitation is what is shown on line 55, page 2 of the 2013 form 1040...many happy refunds!!
 
#9 ·
from many posts and irs denying the rebaate to some erroneously, I wonder if this sums it up on usa todays article and particularly item 6.
http://www.usatoday.com/story/money...4/13/your-money-last-minute-tax-tips/7617641/

6. Alternative Motor Vehicle credits can be confusing. IRS publications note upfront that the Plug-In Electric Vehicle Credit has expired. But these credits have different names and rules. And the Plug-In Electric Drive Motor Vehicle Credit still applies to cars like the Chevy Volt and has not expired. We're looking at a potential $7,500 federal tax credit. The Plug-In Electric Drive Motor Vehicle Credit begins to phase out once 200,000 of the vehicles per manufacturer have been sold for use in the U.S., said Mark Luscombe, principal analyst for CCH Tax & Accounting North America.
 
#10 ·
I purchase my MY2013 Volt in Dec. 2012, and when I filed my taxes with TurboTax, it just asked me if I bought an EV, which one, and I told it a new 2013 Volt, and it did it for me. *snap* Got my $7500 credit applied just like that.
 
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