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Electric Vehicle Credit

Mark_H
Level 2

Taxpayer bought a Mini Cooper EV in 2022. I've put in the information into the Screen 34 in the Vehicle Credits section, but the software is limiting the credit to $2,500 on form 8936. It should be $7,500. Any ideas on why?

 

Thanks,

Mark

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2 Comments 2
qbteachmt
Level 15

There are some different provisions by year, and for the signed sale contract.

Are you using the IRS resources available on the web?

2023: https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-pur...

2022: https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-pur...

You need to evaluate if each purchase qualifies and what it qualifies for and which tax year applies.

 

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George4Tacks
Level 15

Did you enter the KWH?


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