IRS Form 8936 for Clean Vehicle Credits (EV Tax Credits) - Step-by-Step Example for 2023
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- Опубликовано: 7 фев 2024
- The IRS Form 8936 is used to claim an electric vehicle tax credit for qualified vehicles. In order to claim the credit, the vehicle must generally meet the following requirements for 2023:
1. The Vehicle must be new (exceptions apply for qualified used vehicles).
2. The vehicle must be propelled by an electric motor that draws electricity from a battery, and the battery is recharged by an external power source.
3. The gross vehicle weight must be less than 14,000 pounds.
4. The vehicle's final assembly occurred in North America.
5. MSRP is not more than $50,000 ($80k applies to vans & SUVs).
If you have doubts about whether the vehicle qualifies, you can check the following websites to look up the year, make & model.
FuelEconomy: fueleconomy.gov/feg/tax2023.s...
IRS Website: www.irs.gov/credits-deduction...
For more videos on energy tax credits:
• Energy Efficient Credi...
For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form8936 #ElectricVehicle #TaxCredit
For some additional Form 8936 tutorials:
Form 8936 for Audi Q5: ruclips.net/video/fYHTYYJxqAc/видео.html
Form 8936 for Self-Employed: ruclips.net/video/kTnMA0iQ-IE/видео.html
Form 8936 from Schedule K-1: ruclips.net/video/wN85R0QQZhM/видео.html
Form 8936 Business & Personal Use: ruclips.net/video/sdiY9TQcL9A/видео.html
Your youtube video is so informative and covers all the key points.. Thanks so much!
Thank you for sharing this information!!
Excellent video. Thanks a lot.
Glad it was helpful!
No one talks about if your income is less than the agi limit. How do I find out how much credit I could qualify for?
Thank you. It was very helpful.
Glad it was helpful!
AWESOME Video and Information. QUESTION. I purchased a FISKER OCEAN in 2023 and was told that it did qualify for the $7,500 credit since I converted my order in early summer 2023, but now the IRS is rejecting my VIN saying it was not in their database. Can you provide any help as to what I can do? Thanks
Can someone help me with this question?
Example: Used Chevy Bolt is advertised
at dealership for 10,000:
but after the sales tax and
other fee's from the dealer
the cost is more like 11, 500 out the door:
but I also I also wish to purchase an extended warranty
adding another 1500.00 to the total price
bringing the final price to
13,0000, (if I also add the extended warranty)
_________________________________________________
Can I say on the IRS EV used car credit program,
that the cost of the car was
13,000? or do I have to use only the
10,000 price of the car, excluding the sales tax and dealer fee's
and extended warranty cost ?
most likely only the cost of the car brother.
Greetings Jason - Thanks for sharing this video. Was very helpful. My question - Looks like this EV tax credit is calculated based on line 18 of 1040 which is before Self Employment (SE ) tax (line 23), hence many self-employment folks will not be able to offset EV credit to their SE tax? Is there any other alternative solution?
Please explain the form 8936 line B from Part 1 about income from Puerto Rico. What does it mean? What if all my income is from PR? It will just add up like in line 1a and 3a.
Super Helpful! So I have one question if I have a tax bill that's $8000 & I filled out the forms all correctly then I would still owe technically $1000 does that sound right vs if my tax bill was $7500 & my max credit is $7500 for my brand new EV then I would owe $0????
My dealership doesn't know what I'm talking about and won't provide the clean vehicle seller report. I bought my 2023 Honda Accord EX-L in April 2023
Question about the 1040 line 20 amount. At 12:20 in the video you mention writing "7,500" in line 20 of the 1040. However, line 20 of the 1040 says to write the "Amount from Schedule 3, line 8". Schedule 3 line 8 is the sum of Schedule 3 lines 1 through 5, and line 7. The "7,500" we entered in the Schedule 3 is on line 6f. If I'm understanding that correctly, Schedule 3 line 8 would NOT include the "7,500" we entered at line 6f, which means we would NOT enter it in 1040 line 20 either. Is that correct?
Line 7 says add lines 6a through 6z, which would include 6f, the $7500. It’s the total of all non refundable credits
Ah I see now. Thanks for the clarification!
What if you had a negative AGI in the prior year? My return is being rejected because of this negative. Does this mean I do not qualify or can I put 0 in the 3a box instead?
Good question! You can qualify so long as either of your 2023 or 2022 AGI is below the relevant threshold for your filing status. If your AGI was negative in 2022, you can use $0 for Line 3a as your prior year AGI.
Thanks!
Just curious, my accountant asked for the Clean Vehicle Seller report because she said the purchase price on the sales contract was above $50k. Do you know why she would ask for that? The MSRP of our Tesla Model Y was only $50,990 and unless I'm mistaken, it is classified as an SUV and the limit for those is 80k. And anyway, the limit on EV cars is 55k. So what does the Clean Vehicle Seller report have to do with anything.
Its IRS form 15400 filled out by Tesla that has info like date placed into service, max credit allowed, battery capacity,etc. You can generate one from your Tesla log in.
What if I do not have any income in 2023 since I'm a nonresidence alien student (i.e. no Form 1040NR for 2023 Tax Return)?
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