In addition to getting an EV credit for buying a EV, owners can claim a credit for 30% of the cost of EV charging equipment. Most EVs require 240 volt high amperage chargers equipped with GFIs and Arc Fault interrupters. Many of these units can be remotely turned on via phone ap and also turn on an off at different times. This frequently requires a new circuit to the garage plus the cost of the equipment. The Consumer credit is limited to a maximum of $1000. This credit was supposed to end in 2000 but was extended to 2021 tax year. Turbo Tax has not been updated yet to list this credit on the tax forms. The form is in the software and it will get filled out, but it lists the credit at zero. The claim is they will update the software in March. The easy choice is just delay filling out taxes, if someone owes taxes that is way to go (unless they under withheld and will be paying interest on the underpayment). For those who are expected a check back, they also could wait but the IRS has admitted that they are still sitting on 2 million tax forms from last year that they have not processed. They are strongly encouraging taxpayers to file as early as possible.
My solution was to file last weekend to get my refund coming back and then will file a 1040X once turbotax gets updated. So, I will get most of my refund soon and then at some later point will get a second check.
BTW, I actually will not be getting a refund check . A new option this year is I can get my refund in "I" bonds. They are like savings bonds but are indexed to inflation. They are currently paying 7%.
Begreen asked this on anther forum
I believe the credit can be carried over into the next tax year. Please check this. If so, would it be possible to not have taxes withdrawn this year so that the credit can be applied to your 2021 taxes?
I think you are right but as described above I will try to get it quicker using a 1040X
My solution was to file last weekend to get my refund coming back and then will file a 1040X once turbotax gets updated. So, I will get most of my refund soon and then at some later point will get a second check.
BTW, I actually will not be getting a refund check . A new option this year is I can get my refund in "I" bonds. They are like savings bonds but are indexed to inflation. They are currently paying 7%.
Begreen asked this on anther forum
I believe the credit can be carried over into the next tax year. Please check this. If so, would it be possible to not have taxes withdrawn this year so that the credit can be applied to your 2021 taxes?
I think you are right but as described above I will try to get it quicker using a 1040X
