Boulderfg
Level 1

The program is smart enough to apply the phase out amount depends on the manufacture. For example Tesla, and it put 25% phase out amount based on the time the vehicle it was purchase. However, I was not aware of this calculation error, and the tax return was show a allowable credit of $1875 for a Model 3 purchased in Sep 2019. However, when I e-file it, the program recalculated it and applied the 25% to the $1875 maximum allowable credit, which only give my client  468.75. (25% of $1875). I call the support team and they apologize for the error, but my client will not return to me next year !!! hope you are not in my situation.

Just be careful when you dealing with the credit and see if the calculation is correct and if that matches the IRS's  credit, https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit.

 

 

 

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