Federal phev tax credit

[Rob1968]

Hello,

Just purchased my 2014 fusion energi last week and really like the car. Am I able to claim the tax credit for the 2013 tax year by claiming the credit on taxes I currently owe to the irs that is due by April 15? Or do I have to wait till next year to claim the tax credit. Would love to get this off my plate now instead of waiting till next year. Any help would be great. Turbo tax keeps asking for the date the car went into service.

[blars]

Purchased the car in 2014?  Then you can't claim the tax credit on 2013 taxes.

[shaggy314]

Credit applies on the date it is put into service. So you have to have 'used' the car in 2013... on the upside, you could alter your withholding this year to not get a refund next year for the $4007.

[tseibel76]

I am amazed how people on this forum freely give legal and tax advice.  Are you qualified to do so?  If so, are you qualified in the jurisdiction where the inquirer is from?  Think of it like the La Brea Tar Pits.

[Rexracer]

Like all forums, stated or not I add "IMHO" (in my humble opinion) to the end of everyone's post. If someone is an actual expert in any in any given field, they usually readily state it e.g. As a Practicing Lawyer in Texas for the last 20 years, this is what I would do blah blah blah.

 

Your Mother is likely not a qualified counselor, lawyer, accountant, etc, but I'm sure she gave you advice at any point she could. ;-)

[tseibel76]

Like all forums, stated or not I add "IMHO" (in my humble opinion) to the end of everyone's post. If someone is an actual expert in any in any given field, they usually readily state it e.g. As a Practicing Lawyer in Texas for the last 20 years, this is what I would do blah blah blah.

 

Your Mother is likely not a qualified counselor, lawyer, accountant, etc, but I'm sure she gave you advice at any point she could. ;-)

Fair enough, but most people don't sue their moms either  :)

[shaggy314]

I am amazed how people on this forum freely give legal and tax advice.  Are you qualified to do so?  If so, are you qualified in the jurisdiction where the inquirer is from?  Think of it like the La Brea Tar Pits.

Well, the jurisdiction for a US federal tax credit would be United States taxable income liability to the extent it is covered by the credit and not eligible for refund beyond said liability.

 

I am not sure the equity of asking for free advice, knowing what it is worth, and geothermally heated surface exposed natural low grade petroleum pool.

 

I guess we could all be rules lawyers and require everyone state they aren't registered or certified financial, legal, or psychological advisors of any kind (otherwise list their certs in their .sig) and to not take any opinions or advice here without consulting a local professional in the field of your inquiry, but then I rip the tags off my mattress before delivery and run in my house with scissors...

 

I'm amazed people criticize free advice, certainly worth EVERY penny you paid for it. :love_shower:  :clapping:

[shaggy314]

Fair enough, but most people don't sue their moms either  :)

 

Then there was that one teenager who used her friends father to sue her parents, but then changed her mind... but you did say most and not all, so fair point.

Edited May 24, 2014 at 05:56 AM by shaggy314

[wmmallette]

I have tried to look up info on the tax credit based on what I read here and I am more confused than ever.  Is the credit for a new 2013 or 2014 set at $4007 exactly, or is the amount based on a "phase out" of the credit linked to manufacturer sales?

 

Can anyone direct me to the IRS.gov info on where to read about the tax credit?

[jeff_h]

I have tried to look up info on the tax credit based on what I read here and I am more confused than ever.  Is the credit for a new 2013 or 2014 set at $4007 exactly, or is the amount based on a "phase out" of the credit linked to manufacturer sales?

 

Can anyone direct me to the IRS.gov info on where to read about the tax credit?

 

Yes, I normally include a reference to the IRS guidance whenever possible - see the below post.

 

http://www.fordfusionenergiforum.com/topic/1854-tax-credit-expiration/?p=12092

[wmmallette]

Do you believe this (the $4007) to be applicable for the tax year 2014, which i would file next april?

[murphy]

Do you believe this (the $4007) to be applicable for the tax year 2014, which i would file next april?

Yes.  Ford has not sold anywhere near 200,000 Energis.  They have probably sold less than 20,000.

[wmmallette]

My question was incomplete on my fault.  If the manufacturer sales are, in fact, tied to the eligibility of the credit, is the amount of the credit always $4007 if eligible or does that amount get phased down to a lower amount based on the current number of sales at the time i buy mine or which quarter of the year in which i but mine?

 

I appreciate the informal advice here.  Obviously, I will contact a tax professional before my purchase.

[TX NRG]

http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-%28IRC-30-and-IRC-30D%29

 

It will be a few years before Ford reaches the 200,000 phase out.

 

Qualified Plug-In Electric Drive Motor Vehicle Credit (IRC 30D) Phase Out

The qualified plug-in electric drive motor vehicle credit phases out for a manufacturer’s vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States (determined on a cumulative basis for sales after December 31, 2009) (“phase-out period”). Qualifying vehicles manufactured by that manufacturer are eligible for 50 percent of the credit if acquired in the first two quarters of the phase-out period and 25 percent of the credit if acquired in the third or fourth quarter of the phase-out period. Vehicles manufactured by that manufacturer are not eligible for a credit if acquired after the phase-out period.