Tax Credit Question

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Andros99

New member
Joined
Jul 4, 2012
Messages
3
Hello Ya'all-

Well, I'm convinced...drove the Imiev this week- and I love it. My GEM car is going away.
Thing is, I want to get maximum $$ back from uncle Sam.

My question is this:
We pay quarterly estimated taxes and have already paid half our possible taxes for 2012.
If we file for the EV credit, will we just get a credit for whatever we have not pre-paid?
I know the EV credit law well, but this isn't addressed. So, would they keep our pre-payments
and only work the credit against whatever we still owe, or erase our total tax bill up to $7500.
(and refund us our pre-payments)

If the answer is not good on this, that's a kill-shot on getting one this year.

Any ideas?

Thanks-

Bob- Hot Springs :mrgreen:
 
If I understand your question, I don't think it matters. If you haven't paid enough, it will reduce what you have to pay, and if you have already paid too much, it will increase your refund or become a credit for the next tax year.
 
That's my understanding of the law as well - To be 100% sure though, I'd check with your tax preparer . . . . assuming you don't do everything yourself

Don
 
Ditto. I believe that as long as your tax liability for tax year 2012 is $7,500 or more, you'll get the full credit, regardless of whether it has been prepaid or not. The key line on the tax return is the line showing total taxes because that's where this credit is applied.
 
Gotcha guys-

Well, I certainly hope so. You see, to get the full credit, you have to make over about $85K a year.
Most of the people at or above this level will also have to pre-pay estimated quarterly taxes
(if they have their own business). So, most people anticipating buying an Imiev would need this
question answered.

That is of course, would your pre-paid quarterly tax not be calculated against the tax
credit- and will you only pay federal taxes owed -over $7500.

Truly, this is a question to ask a tax professional. Mitsubishi needs to have their Imiev salesmen
versed on this credit law. After the election, the question may be mute.

Onwards!

Bob -Hot Springs
 
Those of us who bought in the U.S. in 2012 will be able to apply for a tax credit for the MiEV (form 8936) and for the charging station (form 8911). However, the forms won't be available until late February or some time in March, so we won't be able to file until then. I'm not very happy about this, I usually file by the end of January. :evil:

http://www.irs.gov/uac/Newsroom/Lis...in-filing-in-late-February-or-into-March-2013
 
I think we'll be lucky to get it done before April, thanks to our do nothing congress

If we're mad enough, maybe something will change in the 2014 elections . . . . .

Don
 
Both the IRS Form 8936 and 8911 now available at www.irs.gov, for filing of 2012 tax return. Note, if the 8911 form is filed, you must also file IRS Form 6251 (Alternative Minimum Tax).
 
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