Rivian Tax Credit Email

[beawareindn]

Are there any EV specific accountants/lawyers out there that people can recommend. I signed a binding agreement in 2022. Picked up the car in December, 2023. I changed my employment in 2023 and I am using the vehicle 80% for business (business depreciation/ pretax) and 20% for personal. I am trying to figure out how to do this. I wasn't part of the company in 2022. So, I am not sure if I can still amend my 2022 taxes because I was not part of the company. These EV tax credits have just gotten so confusing.

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[Lpool63]

My accountant advised the following:


Ok. So, in conclusion, the only reason to fill this out would be to be able to claim the credit for 2023. However, you already properly claimed the credit for 2022 for the full $7,500 as a result of the special binding contract clause. In comparison, the 2023 credit would have only been $3,750 and you would have lost it anyway to the new 2023 AGI limits if your AGI s greater than $300k:



To avoid any confusion at the IRS (they are already a mess!), I would not fill this out and await your 2022 refund of $7,500 already in progress.

 

[HyperionMark]

For the people that are saying the credit is only $3,750, is that only during a certain part of the year? My understanding was 2023 had the full $7500.

 

[UnsungZero_OldTimeAdMan]

For the people that are saying the credit is only $3,750, is that only during a certain part of the year? My understanding was 2023 had the full $7500.

You have it the other way around. There was a transitory period where $7500 is possible, until Treasury issued their determination based on battery component sourcing. The transitory period is 1/1/23-4/17/23 (iirc).

 

[SANZC02]

For the people that are saying the credit is only $3,750, is that only during a certain part of the year? My understanding was 2023 had the full $7500.

Only if delivered before April 17th, 2023. After that the battery rules were published and Rivian only qualifies for 3750.

Edit: The 80k MSRP limit is in place for all of 2023.

 

[JMACCA]

Part of the new (Post Aug 2022) EV tax credits require dealership notification to the government of a sale prior to tax credit eligibility for the purchaser.

My CPA filed my 2022 amendment in August and I have not heard anything back from the IRS. I wonder if this is why I have not heard anything.

 

[UnsungZero_OldTimeAdMan]

My CPA filed my 2022 amendment in August and I have not heard anything back from the IRS. I wonder if this is why I have not heard anything.

No relation. Use the IRS’ submission tracking page to look up status. https://www.irs.gov/filing/wheres-my-amended-return

 

[Polar]

My CPA filed my 2022 amendment in August and I have not heard anything back from the IRS. I wonder if this is why I have not heard anything.

It is not.

 

[dwang]

“Qualifying”…

Guessing a lot of you fat cats don’t…

*trombone down blast*

 

[milliemc]

Just received the email posted below from Rivian. I've already amended my 2022 taxes and received the $7,500. I'm assuming I ignore this? The part that caught my attention is "Rivian is required to report the sale". Wouldn't that have already been done since I received my refund already?

When in doubt, don't.

 

[dode]

My CPA filed my 2022 amendment in August and I have not heard anything back from the IRS. I wonder if this is why I have not heard anything.

I'm in the same place waiting since Aug. According to IRS mine has yet to be processed. Have you checked yours?

 

[RDMD]

Update,

The second email came, super easy, accept e-sign terms, verify info, enter SSN, sign and submit document. Entire process < 5 minutes, you then get a confirmation email to download completed docs.

Edit:
Is good to see based on my 79k purchase and January 2023 delivery the form shows it is eligible for the full 7500 credit in 2023. ??

I got the first email Friday. It’s been 48 hours and I haven’t received the Onespan email. Nothing in my junk folder either. Did it show up in 48 hours for you or was it longer? I’m hoping that because it’s the weekend, it didn’t yet. Not a lot of time to get this done, Rivian!

 

[SANZC02]

I got the first email Friday. It’s been 48 hours and I haven’t received the Onespan email. Nothing in my junk folder either. Did it show up in 48 hours for you or was it longer? I’m hoping that because it’s the weekend, it didn’t yet. Not a lot of time to get this done, Rivian!

I got the original Friday at 15:35 and the second one at 19:37. I am a January delivery so not sure if they are going in order.

The second one is an E-Sign invitation, the form is specific to you where you place your SSN and sign an acknowledgement.

 

[Herb]

I am no expert but reading the IRS text, I think if even if delivery was after April 17, and it is a company vehicle, you should be able to get the full 7500 credit for your business taxes. I am in that situation and would appreciate any qualified input.

 

[waitingonanr1s]

I am no expert but reading the IRS text, I think if even if delivery was after April 17, and it is a company vehicle, you should be able to get the full 7500 credit for your business taxes. I am in that situation and would appreciate any qualified input.

That's correct - battery sourcing, manufacturing, and income limits don't apply for the commercial clean vehicle credit. This is technically why the leasing loophole works as well. Lessor is claiming this credit as opposed to the personal one, and then choosing to passthrough the credit amount to the lessee by discounting the lease (they're not required to do that).

https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit

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