Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

EV credit and AGI

DKerrCPA
Level 1

Why is Lacerte allowing the EV credit when my single filing client's AGI is over 150K?

0 Cheers
4 Comments 4
PhoebeRoberts
Level 11
Level 11

"You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the 2 years, you can claim the credit."
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

DKerrCPA
Level 1

I found my mistake.  If you don't enter an amount in the 2022 AGI box, then Lacerte assumes it was zero and allows a 2023 credit regardless of the AGI.  This needs a programming fix.  Hope they take care of that in 2024 Lacerte.

0 Cheers
abctax55
Level 15

I'm curious how Lacerte would 'know' the prior year AGI if you didn't use it to prepare the prior year return?

HumanKind... Be Both
0 Cheers
PhoebeRoberts
Level 11
Level 11

There's a field to enter it. I'm guessing this is something that didn't proforma, because the proforma program was essentially complete before anyone realized it was necessary.