Didn't Recieve my Full 2019 Tesla Tax credit - $1875

Didn't Recieve my Full 2019 Tesla Tax credit - $1875

I purchased a MS in September 2019. I am playing around in my tax software (Form 8936). I noticed that I only got $463 of the total $1875 available to me. The reasoning says it the "smaller amount of my other credits." Has this happened to anyone? I am putting in $1875 into the "Tentative Credit" block of the form. Am I doing anything wrong? Any guidance would be great...

blue adept | 2020年2月12日

Try contacting a tax preparation agent as this is a mater of state level regulations and well beyond any influence of Tesla Motors itself.

rob | 2020年2月12日

I haven't done mine yet... but I bet you started with the wrong number. If you start with the $7,500 then let the form do it's stuff you should wind up at the $1,875.

jordanrichard | 2020年2月12日

Ok, one only will get the full credit if in fact their tax situation is as such to get it. In other words, if one’s tax liability is say $2,200, minus 1875, you would owe $325. If one’s tax liability is $1500, the $1875 wipes that out and you get back whatever was taken out of your paycheck for the year.

Too many people assume one, that they will get the whole credit amount. Two, that to calculated what their car really cost them with the credit, they deduct the full credit amount. $50,000 - $1875 = net cost $48,125

Techy James | 2020年2月13日

This is a misconception about Tax Credits. To get the full $1875 you must have a Tax Liability where you would owe at $1875 for the year in taxes. If you have Children, School Loans, Home Loans, all these count to lower your tax liability. So if you have children and get Earned Income Credit or other Credits, then you may have the required Tax Liability. You can always have a Tax pro review everything and verify there was no errors in the documentation.