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Entering corporate Qualified Plug-in Electric Drive Motor Vehicle Credit information in Lacerte

by Lacerte Tax 2023 Updated 2 months ago

This article will assist you with entering information related to the Qualified Plug-in Electric Drive Motor Vehicle Credit in the Corporate module of Lacerte.

New for Form 8936 for tax year 2023:

  • A new clean vehicle credit for new electric vehicles meeting specific requirements
  • A credit for previously owned clean vehicles
  • A credit for qualified commercial clean vehicles

Tax-exempt and governmental entities may also elect to treat their credits as a payment of income tax. However, credit for plug-in electric-drive motor vehicles is no longer available for vehicles placed in service after 2022 and final assembly of the vehicle must occur within North America for vehicles purchased after August 16, 2022. See here for more details.

There aren't any inputs related to this credit in Screen 21, Depreciation.

Follow these steps to enter information about the Qualified Plug-in Electric Drive Motor Vehicle Credit :

For tax year 2023

  1. Go to Screen 28.1, General Business Credits.
  2. Locate the Clean Vehicle Credit (8936) section.
  3. Begin by entering the Part I: Vehicle Details: Year (e.g. 2023), MakeModelVehicle identification number (VIN), __ and Date placed in service.
  4. Continue by answering the questions presented in order, one at a time.
  5. If at any point the answer selected says to Go to the next questionGo to Part IIGo to Part IV, or Go to Part V, follow these directions on the input screen until you complete the input and generate the form, or until you see Stop here which indicates the vehicle doesn't qualify for a credit. 
  6. Any applicable credit will flow to the 3800.

For tax year 2022 and earlier

  1. Go to Screen 28, General Business Credits.
  2. Select  Clean Vehicle Credit (8936) from the left Sections list.
  3. Enter the applicable information in the Vehicle information, date placed in service, Kilowatt hour capacity, phaseout and business use (Ctrl+E) field.
  4. Enter an override for the credit amount in the Qualified plug-in electric drive motor vehicle credit [O] field, if applicable.
Lacerte Tax

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