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2017 Tax credit Form 8936

11795 Views 19 Replies 12 Participants Last post by  mike100
UPDATE: Form for tax year 2016 posted. Thanks for correcting my error.
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Don't you want the form for 2016? Or did you buy your volt in 2017? The 2017 tax form isn't needed until Jan 2018 when you are doing 2017 taxes

If your tax guy did this in 2014 and doesn't know this, you need a new tax guy.
I added my tax credit through TurboTax, but it only allowed me $6,299 of the possible $7,500. Still owe $1,315 in federal taxes. Was hoping I would get the full $7,500, but $6,299 isn't bad!
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.
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...
Easy peazy, $7500 on the way.
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.
Wish I could, but as much as I have lusted for a Tesla MS, i'm thinking a Bolt could replace our no promises.
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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