Electric Car Tax Credit 2018 Form

Line 4b is used to reduce the credit for certain vehicles purchased after 2018. Has sold more than 200 000 vehicles eligible for the plug in electric drive motor vehicle credit during the third quarter of 2018 this triggers a phase out of the tax credit available for purchasers of new tesla plug in electric vehicles beginning jan. In order to claim the federal electric vehicle tax credit once you buy an electric car you ll need to fill out irs form 8936 and report the proper credit from the form on form 1040 individual income tax return.

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In order to take the credit you must file irs form 8936 with your return and meet certain requirements.

Electric car tax credit 2018 form.

Irs form 8936 irs. Use form 8936 to figure your credit for qualified plug in electric drive motor vehicles you placed in service during your tax year. Ir 2018 252 december 14 2018. The credit amount will vary based on the capacity of the battery used to power the vehicle.

The phase out of federal tax credits on the purchase of chevrolet plug in electric vehicles began when its gm parent hit its 200 000 unit cap at the end of 2018. The credit for qualified two wheeled plug in electric vehicles has been extended to cover vehicles acquired in 2018 2019 and 2020. Enter the qualified electric vehicle passive activity credits allowed for your current tax year from form 8582 cr passive activity credit limitations for individuals estates and trusts or form 8810 corporate passive activity loss and credit limitations for corporations. Also use form 8936 to figure your credit for certain qualified two or three wheeled plug in electric vehicles.

With the vehicle identification number vin and certificate from the dealership the first part will be easy. See the instructions for the applicable form for more information. Washington the irs announced today that tesla inc. If you purchased a new vehicle that runs on electricity drawn from a plug in rechargeable battery you may be eligible to claim the qualified plug in electric drive motor vehicle tax credit which can reduce your tax bill.

Its stepped phase out to 50 started on april 1 2019 and continued until sept. The 30d a credit is claimed on form 8936 qualified plug in electric drive motor vehicle credit including qualified two or three wheeled plug in electric vehicles pdf. Hopefully that number exceeds 7 500 for the tax year. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500.

All electric and plug in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to 7 500. The 30g g credit is claimed on form 8934 qualified plug in electric and electric vehicle credit pdf. After that part iii assuming the car was not a business investment you ll go through the process of subtracting the credit from your taxes owed on form 1040 line 47.

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