Amended return rejected

[EricR]

Yes I did.. I get a full refund every year.

I have now modified my tax with holdings to -0-. I have a 15000 credit sitting there for nearly 4 years now I need to get used. Going to put those to use doing this, and I will still get a refund because of child tax credits.

Oh, OK. This makes sense. So you have, basically, "too many" credits on Schedule 3 -- Nonrefundable Credits -- which is where you would claim the EV credit.

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[TollKeeper]

Oh, OK. This makes sense. So you have, basically, "too many" credits on Schedule 3 -- Nonrefundable Credits -- which is where you would claim the EV credit.

Something like that... Way to many tax rules I dont understand.. Thats why I pay to get my taxes done.. That and I own a small business.

Now I just need to understand the new tax rules for EV's for TY24 for 25 filings.

I am going to be pushing my delivery off until then just for this.

 

[SANZC02]

The credit amount for 2023 is just $3750 due to some of the manufacturing/sourcing requirements In the new law. You will only get the full $7500 if you amend the 2022 return.

Only after April when they published the battery requirements. Prior to that you only have the USA build, 80k MSRP, and income limits to worry about.

 

[djsider2]

Full Refund does not mean Tax Liability. You could be getting a full refund and you can still get an extra 7500 back if your Tax Liability was >7500

 

[TollKeeper]

My tax liability was 4900, and I got that back...

Is Rivian going to start the tax rebate thru the manufacture in January? I remember reading about this, and I know Tesla is already doing it.

 

[djsider2]

My tax liability was 4900, and I got that back...

Is Rivian going to start the tax rebate thru the manufacture in January? I remember reading about this, and I know Tesla is already doing it.

I feel like you should just file a 2022 amendement and get that amount back vs getting $3750 in 2024. Unless you think R1 will qualify for the full $7500 again.

 

[TollKeeper]

I feel like you should just file a 2022 amendement and get that amount back vs getting $3750 in 2024. Unless you think R1 will qualify for the full $7500 again.

I wont get the 7500, ever. The tax credit is a use it or lose it for the tax year filed. It DOES NOT roll over. Since I have no basis for the 7500 to credit me, I lose it all.

 

[djsider2]

I wont get the 7500, ever. The tax credit is a use it or lose it for the tax year filed. It DOES NOT roll over. Since I have no basis for the 7500 to credit me, I lose it all.

Well, you know you. I thought you had 4900 of liability in 2022, so you would have been able to use the amendment option. Anyways, good luck in getting a small discount!

 

[TollKeeper]

Well, you know you. I thought you had 4900 of liability in 2022, so you would have been able to use the amendment option. Anyways, good luck in getting a small discount!

But I got that back inbetween my child tax credits, and business write offs.

Sucks I dont get the 7500.. But even 3750 is better than nothing!

If Rivian was willing to take the tax credit, and write down the price the 7500, I would be happy! As said a moment ago, Tesla is doing this. Sucks Rivian, as of now, is not!

 

[TeslaR1S]

Any know if one can amend 2022 taxes without having signed the binding agreement for $7500? Asking for a friend, pre March increase.

 

[Warmoth]

But I got that back inbetween my child tax credits, and business write offs.

Sucks I dont get the 7500.. But even 3750 is better than nothing!

If Rivian was willing to take the tax credit, and write down the price the 7500, I would be happy! As said a moment ago, Tesla is doing this. Sucks Rivian, as of now, is not!

On the bright side, 2024 for Colorado you'll get the $5k back, and if Rivian opts in, it can be done at point of sale.

 

[SwaziCAR]

Any know if one can amend 2022 taxes without having signed the binding agreement for $7500? Asking for a friend, pre March increase.

Ths is America; people break the law all the time.

 

[ElkinsEye]

Yes, I was initially rejected. Got the same info you got. I filed an appeal detailing where it says on the IRS website that Rivian 2023 models are indeed eligible for the credit. It took about an extra 6 weeks but then a check showed up about 3 days before the IRS letter stating it had gone through. So, file the appeal and you should be good. You'll also be getting a few hundred extra in interest.

 

[des16]

You need to amend your TY2022 return to get the credit. You would have needed at least $7500 in tax liability in TY2022 to get the full credit. Make sure you use August 15th, 2022, as your in service date per the IRS FAQ: https://www.irs.gov/newsroom/topic-...rements-apply-to-the-new-clean-vehicle-credit

I am taking delivery this week. So, what do you put as your in-service date. My account said it has to be the date of delivery, not the date I paid the deposit a couple of years ago, or even the date that Rivian sent me the letter last year.

 

[vandy1981]

I am taking delivery this week. So, what do you put as your in-service date. My account said it has to be the date of delivery, not the date I paid the deposit a couple of years ago, or even the date that Rivian sent me the letter last year.

August 15, 2022. This is clearly stated in the link I included above. I would have your accountant review it.

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