ST Alpha - "OK Tax Slackers, dumb it down for me. Tell me why I'm not getting a tax credit for my EV." (Reading a Post)

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OK Tax Slackers, dumb it down for me. Tell me why I'm not getting a tax credit for my EV.

Posted by Mop (aka rburriel) Feb 18 '22, 18:29

"You're getting a credit of $0 for your plug-in electric vehicle.

For vehicles with four or more wheels, we look at the amount of tentative credit you entered and your taxes after other credits. Your credit is the smaller amount of these two."

So... I'm already getting too many credits elsewhere? Is that what it's saying?

Responses:

Biden -- nm - VMan Feb 18, 20:18
No Miranda rights. -- nm - Max Feb 18, 19:35
You know what you did. -- nm - IRS Feb 18, 19:12 1
- I mean… NO! Clearly not! -- nm - Mop Feb 18, 19:24
Thanks for the clarification guys. Really appreciate it. -- nm - Mop Feb 18, 18:58 2
- Fwiw, I'm late to the convo, but am not convinced whatever program you're using isn't doing it wrong. -- (edited) - znufrii Feb 18, 18:59 1
  - Figured it out, I think. It's subject to the AMT floor, not the zero floor. Form 6251. Sorry. -- nm* - znufrii Feb 18, 19:07
I thought they let EV tax credit expire, now they're looking to replace gas tax with mileage, road usage fees. -- nm - zeitgeist Feb 18, 18:36
Did you have any liability after your child credits? -- nm - spamlet Feb 18, 18:36 13
- except child tax credits are refundable in most cases this year, no? -- nm - znufrii Feb 18, 18:56 2
  - Yes but it would come before the vehicle credits I think but I haven't looked at them specifically since I didn't buy the Tesla. -- nm* - spamlet Feb 18, 19:07 1
    - only any non-refundable portion would, just looking at Forms 1040 and 8834. But, I think I figured out the problem above, stupid Form 6251. -- (edited) - znufrii Feb 18, 19:08
- I am clearly too dumb for this. Tell me the box and I'll tell you the number. -- nm - Mop Feb 18, 18:40 9
  - 24 -- nm - znufrii Feb 18, 18:55
  - 37 i think -- nm - tRuMaN Feb 18, 18:44 7
    - Blank, as it should be. I never owe. I always get a refund. -- nm - Mop Feb 18, 18:45 6
      - so no credit then. its not refundable, meaning you get it no matter what, so no credit to you -- nm* - tRuMaN Feb 18, 18:45 5
        
        Ah, as I suspected all along: I needed to owe taxes to the gov't in order to cash in on the EV refund. - Mop Feb 18, 18:47 4
        
        Yes but not how you're thinking. - spamlet Feb 18, 18:51 2
        
        Alas, I'm disappointed but not surprised. I wasn't banking on it working out. -- nm - Mop Feb 18, 18:55 1
        
        I'm more shattered to realize that the money Biden was sending me for my kid was just an advance on the tax credit. -- nm - Mop Feb 18, 18:57
        
        yes. you could have changed withholdings etc to get it i guess -- nm - tRuMaN Feb 18, 18:49
I can't understand it. they're really cute Pokemon -- (pic) - Peglegpete Feb 18, 18:35 [Attachment]
did you have a tax liability? -- (edited) - tRuMaN Feb 18, 18:33 1
- Hmm, let's see... - Mop Feb 18, 18:38

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OK Tax Slackers, dumb it down for me. Tell me why I'm not getting a tax credit for my EV.

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