Electric and Plug In Car Credit for 2021 Tax Year

[athaureaux6]

Hi online community, I would like to know your opinions about the amount of the electric car credit. I know it is capped at $7,500 but it seems the software uses that amount for all models. I just look at the government site FuelEconomy.gov and it seems they have all the models and the maximum credit allowed. Is this the way other tax professional have to calculate the credit? I have to say there is a line in the worksheet to enter an amount different than the 7,500. I am just making sure, because I see a lot of electric cars in recent days. I also read that No Tesla model qualifies anymore. I will appreciate your thoughts. Thank you. 

[PATAX]

Haven't had one in years. When I did it was a non-refundable credit and the client did not benefit from it since he was going to receive a full refund anyways. I would take a look at the quickfinder, and the US Master tax guide, to see what the credit amounts are, and if they differ for different vehicles, and then determine whether it is refundable or non-refundable. Also I think it may change with the soon-to-be passed tax legislation, if it is passed?... Maybe it'll be approximately March 15th like last year. I would definitely wait on this return, and see if the software is updated, but all of this is just my opinion.

[athaureaux6]

Hi, I was looking and it seems the amount of the credit it is based in the model year and the battery capacity. I was playing with some models and numbers and it seems it is like that. Thank you. 

[PATAX]

You're welcome

[Camp1040]

Battery capacity and the number of cars that the particular automaker sold of that model.

Make and Model	Full Tax Credit
AUDI
e-tron Sportback (2020-2022)	$7,500
e-tron SUV (2019, 2021-2022)	$7,500
e-tron GT / RS e-tron GT (2022)	$7,500
e-tron S	$7,500
Q4 50 e-tron Quattro	$7,500
BMW
i3 Sedan (2014-2021)	$7,500
i3s (2018-2021)	$7,500
BYD
e6 (2012-2017)	$7,500
FIAT
500e (2013-2019)	$7,500
FORD
Focus EV (2012-2018)	$7,500
Mustang Mach-E (all 2021 trims including GT)	$7,500
GENERAL MOTORS (GM)
Not currently eligible for these tax credits	–––––
HYUNDAI
Ioniq Electric (2017-2021)	$7,500
Kona Electric (2019-2022)	$7,500
JAGUAR
I-Pace (2019-2022)	$7,500
KANDI
EX3 (2019-2021)	$7,500
K22 (2019-2020)	$7,500
K23 (2020-2022)	$7,500
K27 (2020-2022)	$7,500
KIA
Niro EV (2019-2022)	$7,500
Soul Electric (2015-2020)	$7,500
EV6 (2022)	$7,500
MERCEDES-BENZ
EQS 450+ (2022)	$7,500
EQS 580 4matic (2022)	$7,500
B-Class EV (2014-2017)	$7,500
MINI
Cooper S E Hardtop 2 & 4 Door (2020-2022)	$7,500
MITSUBISHI
i-MiEV (2012, 2014, 2016, 2017)	$7,500
NISSAN
LEAF (2011-2022)	$7,500
POLESTAR
Polestar 2 (2021)	$7,500
Polestar 2 Long Range – Single & Dual Motor (2022)	$7,500
PORSCHE
Taycan (2020-2022)	$7,500
RIVIAN
R1T (2022)	$7,500
SMART USA
EQ fortwo Coupe (2019)	$7,500
EQ fortwo Cabrio (2019)	$7,500
TESLA
Not currently eligible for these tax credits	–––––
TOYOTA
RAV4 EV (2012-2014)	$7,500
VOLKSWAGEN
e-Golf (2015-2019)	$7,500
ID.4 EV (First/Pro/Pro S) (2021)	$7,500
VOLVO
XC40 Recharge Pure Electric (2021-2022)	$7,500

[PATAX]

@Camp1040 👍 have they stated whether they are refundable or non-refundable?

[athaureaux6]

I heard they made refundable recently. But I am not 100 percent sure. 

[PATAX]

Just did a quick Google search and it looks like they are nonrefundable. But like you said I think they are trying to change it to refundable. That is why like I said you should wait a little bit and see what happens rather than filing a corrected return if it changes.

[BobKamman]

A link would be helpful, especially if the law changes.  I'm not sure this is the one you used, but it has the same information, and much more.

https://electrek.co/2021/12/20/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/ 

[Camp1040]

Yep. That's it.

[Greta]

Is there a carry forward to future year as it is with the energy credit?

[Camp1040]

Not as of today......could change.