Also use Form 8936 to figure your credit for certain qualified two-wheeled plug-in electric vehicles. You must determine the amount to enter depending on whether it is a two or four wheel vehicle and other manufacturer specific limitations. Included are EVSE tax credits and Level 2 EV charging rebates, as well as rebates for electric cars. Electric Vehicle Community Readiness. Also received no credit for the charging devices. California has high income taxes and high property taxes in the bay area so I can't think of a scenario in the next 20 years that I will ever get to carry forward and use the $7500 credit as long as I am where I live. Since 2010, anyone purchasing a qualified electric vehicle, including any new Tesla model, has been eligible to receive a $7,500 federal tax credit. I guess that's why the smart money leave this state and end up in Florida and Texas! Size and battery capacity are the primary influencing factors. If this does not work for the credit, I can always buy it under my name and then transfer the title to the company after receiving the credit but it would be good to know definitely what the situation is. If you purchased a new vehicle that runs on electricity drawn from a plug-in rechargeable battery, you may be eligible to claim the qualified plug-in electric drive motor vehicle tax credit, which can reduce your tax bill. Tesla, Inc. (formerly Tesla Motors, Inc.) is an American electric vehicle and clean energy company based in Palo Alto, California.Tesla's current products include electric cars, battery energy storage from home to grid scale, solar panels and solar roof tiles, as well as other related products and services.. Per the, Individual taxpayers are not required to complete or file Form 8936 on their return if they received the credit from a partnership or s-corporation. You must manually complete, Once the credit has been entered, Form 8936 will need to be attached to the return as a manual PDF attachment by using the, 16343: 8936 - Qualified Plug-in Electric Drive Motor Vehicle Credit, Attachments for e-Filing - Federal Returns, Attachments for e-Filing - General Information, 8844 - Empowerment Zone Employment Credit, Form 843 - Claim for Refund and Request for Abatement, Recovery Rebate Credit, EIC, and CTC (Drake20), Print or Copy a Drake Tax Data Entry Screen, 5884-A - Employee Retention Credit (Credit for Affected Disaster Area Employers). The federal electric vehicle tax credit can also save you up to $7,500. Per the instructions, "If you cannot use part of the personal portion of the credit If the tax liability was $6000 and the taxpayer had $10,000 withheld, he or she would get back the $4000 of overpayment plus $6000 of electric vehicle tax credit. September 6, 2018 | 4 min read. How to claim the electric car tax credit. For vehicles with at least four wheels, enter the credit allowable. Please let us know what happens. The Electric Vehicle Tax Credit Phaseout Schedule. The information in this dialog transfers to Form 8834 or 8936 in UltraTax CS, as applicable. You can see that certain itemized deductions (like taxes and the miscellaneous 2% ones) are disallowed for AMT. If the vehicle was used wholly or partially for business, enter the, Note: There is no carryover of a the disallowed amount for personal use. Form 8834 Qualified Electric Vehicle Credit - Use Form 8834 to claim any qualified electric vehicle passive activity credit allowed for the current tax year. Thanks. Was that before payments, withholding, etc.? For a K1S, box 13, code PU. Also use Form 8936 to figure your credit for certain qualified two-wheeled plug-in electric vehicles. If used for business, the credit may be carried forward on Form 3800 along with any other business credits. 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