2017 Tax credit Form 8936
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Unless your income was very low or you have some other tax credits limiting your EV tax credit, this sounds a bit strange. Did you have a much lower withholding throughout the year in anticipation of the tax credit and overshoot? The tax year I bought my volt, I got a full $10k back from overwithholding and from the tax credit. I didn't do that on purpose, but that's what happens when I bought at the end of the year and it wasn't planned - it just happened.
You did something wrong if you only got a partial credit and turbo tax says you still owe taxes. The credit can bring your tax liability to $0 and the Volt qualifies for the full $7500. I would double check everything before filing.
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On the 2016 1040 form line 54C should have a checkbox in it, and the number 8936 next to it. Then there should be $7500 on line 54. So if the OP's line 47 is too low, or line 55 is higher than $7500, then line 56 would be zero - that could explain the reason why they didn't get the full $7500. So there could still be taxes from lines 57 thru 63 to cause more taxes to be owed. And if line 47 is indeed the culprit, then one must question the wisdom of someone with a low income purchasing a new volt to begin with. There are many variables in here, so it's hard to make any conclusion without seeing more, but it's not our place to ask for someone to publish their tax forms...
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Now promise me you won't be doing form 8936 for 2017... you've gotten more cars in the last 3 years than I've purchased in my 23 years of marraige.
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Wish I could, but as much as I have lusted for a Tesla MS, i'm thinking a Bolt could replace our Equinox......so no promises.
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I guess if you continue to buy low and sell not so low, I guess it works. I was tempted to flip my volt after the first year, but replacing it with another volt seemed silly, and our state suspended that rebate program that made it uber sweet. My next car is definitely something bigger like a Tesla Model S, but first things first - I'm hyper acceleration my mortgage payments to be completely debt free, then amassing a pile of cash to get the next vehicle, whatever happens to be intriguing at that time. If I'm patient, something like an i8 or NSX isn't out of the question (I know, these break the "definiteyl bigger" rule)
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Used Turbo Tax. Wife and I bought a pair of '16s. $15k on the way.
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Also getting $7500 back.
Used turbo tax and it was as simple as putting in the VIN number, year, and battery specs and boom, instant credit. Couldn't have been any easier.
With my GM experience, I'll be looking to get into a Model3 here in hopefully about 2 years time. Once the initial rush is over and people have had a chance to shake them down for the 1st model year bugs. Till then I will enjoy my Volt
With my GM experience, I'll be looking to get into a Model3 here in hopefully about 2 years time. Once the initial rush is over and people have had a chance to shake them down for the 1st model year bugs. Till then I will enjoy my Volt
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I couldn't have estimated better. I only owed the feds $199 in total liability for the 2016 tax year. Was just able to realize the full $7500. Also updated my solar array so a little bit back there too.
It was kind of one of those things where I might have waited to spend money in another tax year, but I really wanted/needed the solar improvements even if I was risking chopping off some of my tax credit potential.
It was kind of one of those things where I might have waited to spend money in another tax year, but I really wanted/needed the solar improvements even if I was risking chopping off some of my tax credit potential.
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