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Discussion Starter #1
Just heard this from my accountant. So I only get $2500 this year according to him. I haven't read this anywhere before. Help.
 

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Assuming you got your Bolt before March 31st this year, you can get $7500 back next year when you do your taxes. Excess credits can not be carried from year to year. If you don't have the tax lability this year, you can't claim the full credit.
 

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Discussion Starter #3
Got it. I definitely have the tax liability and bought the Bolt in November 2018. He's just saying I can only claim $2500 this year, and then $2500 for 2020, and then $2500 for 2021 - instead of claiming the $7500 credit for this year. Has anyone else had this experience? Has everyone else been able to get the $7500 credit at once assuming you have the liability?
 

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Got it. I definitely have the tax liability and bought the Bolt in November 2018. He's just saying I can only claim $2500 this year, and then $2500 for 2020, and then $2500 for 2021 - instead of claiming the $7500 credit for this year. Has anyone else had this experience? Has everyone else been able to get the $7500 credit at once assuming you have the liability?
I think you need a new accountant. I’m pretty sure you can only do it in a single year. No option to carry it over to multiple years.
 

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I’m also pretty certain you’d need to take the credit in your 2018 return. Have you filed 2018 already?
 

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Discussion Starter #7
Just filing for 2018 now before the extension runs out. I did file an extension.
 

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Yeah, the tax credit is an all at once thing. I would question the qualifications of anyone would think you have to take a partial. Just look at the tax form online for filing for the credit.

See https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchase-an-electric-vehicle-with-the-7500-tax-credit-how-do-i-ensure-that-i-will-owe-enough-at/00/772844
and
 

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I used TurboTax, I got all of it. I had to 6 figures of just overtime in 2018 so I have plenty of tax liability I need to get rid of. I'm working on my pension retirement years so I'm taking a beating in taxes, deducting everything that is or isn't bolted to the ground.
 

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There's two types of tax credits. A refundable and a nonrefundable. The EV tax credit is a nonrefundable tax credit. Meaning, you have to have the tax liability in a single year. It can't be spread over multiple years. At least that's my understanding. I first heard of a nonrefundable tax credit when I was having breakfast with an accountant. Had never heard the term before.
 

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My suggestion was going to be to insist that your accountant pay you the $5k that he/she cost you by only claiming $2.5k because of their bad advice.
 
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